Our topic today is rent levels and what you can expect to get for your rental property in Salt Lake City. This is important information for investors and owners to have before they buy and before they list a property on the rental market.
Rental prices are just like any other real estate or commercial business on the street – location matters. When a property owner calls me and asks how much they can charge for rent, the first question I ask is about the property’s location. It will have a huge impact on how you price your rental.
Next, your price will depend on how many bedrooms you have. The number of bathrooms is also important, but tenants are going to look for enough bedrooms to fit their families. Square footage and bedrooms are almost as important as location.
Finally, the condition of the property affects how much you can charge in rent. Tenants are going to look for clean, functional kitchens and they’ll expect to see a few updates. As a house gets older, there’s a lot of wear and tear that it incurs. That drives your rent down. Many owners don’t like to spend money making updates and improvements to the property, but it’s worth it in the long term. A house that looks worn and old is going to rent for a lot less than a house that’s modern and clean. If you don’t upgrade from time to time, you’ll lose rental income.
Take a look at what your neighbors are charging for rent. If you’re getting less than they are for a property that’s the same size and in the same location, it’s because of the home’s condition, and you need to put some money into it.
If you want to talk about what you can expect for your particular property, please contact us at Advanced Solutions Property Management and we’d be happy to tell you more about current rent levels in your area.