In Myrtle Beach, several market factors must be considered to determine an accurate value and attract qualified Tenants.
Comparative consideration must qualify a properties market location, home condition, living area quality, number of bedrooms & bathrooms, pets allowed, and home or community amenities. All of these factors have importance in varying degrees to prospective Tenants, so properly prioritizing their value is crucial to establish an accurate rental value.
Home availability is one of the most critical factors that inflate or deflate a home rental value. If there is an abundant of supply of property size or price point and small demand, then the rental rate may be lower. The opposite is true if there is a limited supply of property size and price point and high demand for that home type. In Myrtle Beach, the need for rental homes is always higher in the summer months. The highest rental demand season in Myrtle Beach is March through August.
The goal of a Landlord is to maximize the profit from every annual rental. That may not mean always maximizing the rent to the highest value. When determining how to maximize your profit, you want to find a quality Tenant that pays rent on time and takes care of the property. Properly valuing this aspect of rental income may mean adjusting rent income a little bit to gain a highly desirable tenant. Good Tenants with excellent rental credentials can demand an adjustment in their negotiation because they know that they don’t cause headaches, disturbances in the neighborhood, or cause homeowner violations. Good Tenants mean that the rent is on time, and they typically help you solve many property issues economically. A quality Tenant decreases a Landlord’s cost of maintenance and therefore helps maintain a good net income.
A quality property management company is experienced in setting rental rates because they are familiar with the local community. A professional property manager compares rates with other comparative properties of similar size and features. For example, your property includes a washer or dryer, but none of the similar properties include a washer and dryer. Including a washer and dryer should command a higher rent. The same would include amenities and location.
Knowing what renters are looking for in an annual rental can help set an accurate rental rate. Renters want to live in a safe community, enjoy an easy commute to work, have their children in good school districts, and access stores that are close to the home.
In conclusion, rental rates are ultimately qualified by all these points. A good Property Manager will help you maximize value and help attract quality Tenants that will maximize your income. Building wealth through real estate is directly connected by these two points of concern. Let us serve you and maximize your income potential.