According to Zillow, landlords should periodically update their properties in order to attract more renters and to justify increasing monthly rental rates. To calculate how much rent to charge, examine your local rental market and see what other landlords are charging for similar properties. If your property is in pristine condition or has more bedrooms or bathrooms, then you can probably increase your rates. If your property is the same size and quality of others, ask yourself what you can do to upgrade your unit in order to charge more money.
- Before setting your rental prices for your property, you can to estimate properties that are similar to yours in terms of number of bedrooms, garages etc.
- Properties that are better than their peers have the high potential of their rents being increased and this being done successfully.
- Renovations that are carried out on a home has the potential of increasing the value of that property by 65% of the cost of the renovation.
“But when you’re also a landlord, updating your property may make it more appealing to potential renters and allow you to increase monthly rent, according to Zillow.”