How much should I charge my tenants for my rental in Spokane?
We get that question a lot... Perhaps the most difficult part of renting property is setting the proper rent. Property management companies are ready to take the burden off your shoulders, but it’ll cost you. If you need a good property manager, feel free to contact us, and we can connect you with a property manager you can trust... If you want to save yourself that monthly fee, with the right information, you can do it yourself.
The best place to start is to check the Sunday paper for the range of prices in your area. We also suggest our clients to use Craigslist to find similar homes in their area, and this is where most of our landlords start.
In the Spokane area, there is currently a demand for rentals and our vacancy rates are the lowest they have been in years. Areas like the South Hill, or Shadle, are in especially high demand. However, even if your property is in such an area, common sense dictates property with repair or maintenance issues won’t demand the same price as a well-maintained property. Larger homes in nicer areas have seen a large increase in occupancy, and rent rates have risen over the past few years.
Workout facilities, pools, tennis courts, etc. all affect a renter’s decision, as will basic amenities like dishwashers, laundry facilities, fireplaces, covered parking, and cable TV. If you happen to have any of these special features, make sure you include them in your description, and if that feature is in especially high demand (things like near Manito Park, near Cannon Hill Park, or near Lincoln Height shopping center) you may want to include it in your subject line of your ad.
Testing and tracking is a good way to set rent prices. Err on the high side — it’s easier to lower prices than to raise them, and in the Spokane market, you may be surprised at what you can get.. If you aren't having success, before you lower your rent, you may want to offer incentives — things like a free month of cable TV can tip the scales in your favor.
It is important to remember that timing is important... Start advertising the rental as soon as possible because responsible renters are often looking several months in advance. If your rents are out of the range for the area, and you go a month without rent, that will eat up the potential profits that you would have made for the year had you been more realistic.
If you are considering selling your property, it is important to talk to a professional before you make any decisions. Many times a home will sell for more money if it is not rented because it provides easier accessibility to potential buyers.
If you need help with pricing your rental, you can also call one of our professionals here at Navigator Northwest. We are here to help!