Did you know that the average two-bedroom apartment in Las Vegas currently rents for $1,625? That’s a 5% increase from last month, indicating that rent prices are going up quickly.
If you're a property owner in Las Vegas, it's important to set the right rent price for your property. If your rent is too high, you may not attract any tenants, but if it's too low, you may not be making as much money as you could be.
So how do you find the perfect balance? In this blog post, we'll give you some tips on how to set a fair and competitive rent price for your properties. Keep reading to find out how we break down real estate market data to help you price your rental property properly.
How to Set Rent Price Using Property Value
One way to determine an appropriate rent price is to consider the value of your property. The appraised value of your rental unit can give you a good idea of how much you should charge in rent.
However, it's important to keep in mind that the appraised value is not always the same as the market value. The market value is what someone is willing to pay for your property, whereas the appraised value is simply an estimate of the worth of your property.
When setting rent prices, it's typically more accurate to use the market value rather than the appraised value. Keep in mind that this can fluctuate frequently, especially in a real estate market like the one we’re currently in.
How to Set Rent Price Based on Market Conditions
In order to set a competitive price, start by researching the average rent price for similar properties in your area. Once you have an idea of what other landlords are charging, you can then adjust your price based on the specific features and amenities of your property.
For example, if your unit is larger or located in a better school district than average, you may be able to charge a higher rent price. Conversely, if your unit is smaller or located in a less desirable neighborhood, you may need to lower your price in order to attract tenants.
By taking into account both local market conditions and the specific features of your property, you can arrive at a rental price that is both competitive and profitable. This will make it easy to justify your set price, ensuring you have no trouble when it’s time for rent collection.
How to Set Rent Price Based on Rental Data
At PURE Property Management, we use real-time rental data to help you ensure you’re setting a rental price that strikes the perfect balance between competitive pricing without leaving money on the table.
Our insights provide us with the numbers and statistics we need to get a good overview of property analysis in certain neighborhoods of Las Vegas. What kind of data are we looking at?
- County saturation statistics
- County vacancy statistics
- Estimated property vacancy
- Rental trends in your county
- Median housing rental rates
- Monthly rental trend summaries
We use these insights to get a good idea of what others in the surrounding area are charging for their rental properties. This is slightly more accurate than simply looking at market conditions.
Work With a Property Management Company
Not sure how to set a competitive rent price in Las Vegas? Work with experts who can help guide you through the process. Let us help you maximize your investment using our professional insight and real-time data.
Click here to learn all about our property management services.