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The Best Ways to Set the Rent

A common property owner’s dilemma is how to set the price for the home rental. If the rent is too cheap, prospective clients will be suspicious. If the price is too high, prospective clients will look for a cheaper alternative. Denver rental property management believe that in order to get the best price for your property, you have to consider the following:

Market Supply
Check the nearby properties that are similar to the one you have. If there is an abundance of vacancies, this means you have competition. You have to lower your rent price to attract prospective tenants.

Market Demand
Refer to the economy to determine the best price, bad economy means that the demand for home rentals is high. People are unable to keep their homes and opt to rent instead. When the economy is good, you have to charge a lower rent because the demand for home rentals is low.

Desirability of the property
• Location – Is the property located at the heart of the city?
• Square footage – The larger the property, the more expensive it is.
• Good view – If the property provides a good view of the garden or the city, you can charge a higher fee.
• Updates – If the property has been recently been renovated and the appliances are new, you can charge a higher rent rate.

Source: realestate.about.com