Things to Consider When Setting the Monthly Rent at Your Rental Property
Buying a rental property is always an adventure, especially if you’re purchasing your first one because you’re also going to have to figure out what you should rent that property for.
Should you do a comparable analysis of other properties or rent your property for a similar rent that other landlords in the PDX area are asking?
In this article, we will provide you with several things that you should consider when setting the monthly rent at your Portland Oregon area rental property.
The first thing to consider when setting the rent for your PDX area rental property is thinking about where it’s located. This is important because if your property is in downtown Portland for example, and is close to shops, restaurants, and other local amenities, you may want to consider asking more for rent than you would if your property was located outside of the downtown area.
What is the size of your rental property? If it’s more than 1,200 square feet, you should consider renting it for more than other properties in the area even if those rentals have the same number of bedrooms and bathrooms.
Is there a nice view from your Portland Oregon rental property? If so, having a nice view of the downtown skyline, or Mount Hood is another reason to consider renting your property for more money than other comparable properties that may have lesser noteworthy views.
Besides all of the above, another thing to take into consideration when renting a property is the storage that it offers prospective renters. This is huge because if your property offers a nice sized garage, attic, or plenty of on-site storage, you’re offering future tenants a huge benefit because they won’t have to pay extra to store their excess items in a local storage facility.
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