One of the first questions we’re asked by owners is: how much will my rental property in Chicagoland rent for? There are so many factors that go into determining the rental market value. It’s based on several different things.
Comparable Market Analysis
First, we look at the comparable rents in the area. We want to know what other properties similar to yours are renting for. We look at the amenities they have, and whether there are any upgrades in place. We use this as a baseline for determining what your property will rent for.
Another thing that determines rental value of a property is competition. If there are three other properties like yours on the market, we want to maintain a pricing structure similar to theirs. However, if there are no other properties on the market, you can probably ask for a little more in rent.
Time of Year
Time of year also affects the market value of your property. Properties tend to rent better in spring and summer months. That’s when most tenants are looking to move, usually because they want to get into a property before school starts. We rent plenty of properties throughout the winter, but market value does increase a little in spring and summer.
Condition of the property is very important. It must be neutral and clean and have the kinds of updates tenants are looking for. If you’re marketing a property with dirty carpet or different paint colors in every room, the quality of tenant you’re attracting may not be what you’re looking for. Make sure the home is in rent ready condition to attract a high-quality tenant. Address maintenance items before the tenant moves in. You don’t want an unhappy tenant calling within the first week of residency. We walk through the property to do an analysis of the home and the current market conditions. We’ll give you the best-case scenario and make a recommendation on the price point we think will bring you the most success.