How to Maximize the Asking Price of Medium-Term Rental Homes
You’ve decided to rent your home for 30 days or longer. Then the realization hits. You’re not sure which of the desirable qualities about your property could best help you get top market value for your home.
To help you create a checklist that will help set your rental price, here are six of the top concerns that will be uppermost in a prospective tenant’s mind:
Is the home near important urban centers?
Ask any real estate agent the three most important things a property should have and you’ll likely hear “location, location, location.” So when you advertise, highlight whether your home is located near the major work, transportation, shopping and/or recreation areas that enhance its market value.
Is the inside and outside of the unit clean, attractive and in good repair?
A home that has a mowed front lawn, clean windows and a freshly painted exterior, will come across as desirable to prospective tenants. Midterm rentals with bathrooms, bedrooms and kitchens that look neat, uncluttered and well cared for will also win points with tenants, as will any renovations and/or appliance upgrades. Lighting should also be fully operative and all electrical wiring and piping systems up to date.
Does your home come fully furnished and/or have any special features?
Amenities like a pool, scenic view or yard, will heighten rental desirability. Including some or all monthly utilities (electricity, gas, water, trash, cable and/or internet) as part of the total rent also add to the curb appeal of monthly rentals.
How much space is available for storage?
Renters typically love — and need — space to keep clothes, furniture and other personal belongings. The more closet, attic, basement, garage and/or shelving space available to tenants in mid term rental homes, the better.
Does the rental have street or on-site parking?
Ample parking is always good, especially the closer it is to the actual property. A space that’s covered and well lit is an even bigger bonus and can add to a home’s rental value.
Is the property secure?
Prospective tenants will always feel better if they know the property is in a safe area and/or has an active neighborhood watch program. Mid term rentals that have alarm systems are also appealing.
The cost of monthly rentals will vary and you’ll need to research price ranges. But the more of these six qualities your home has, the higher your can set your rent.
Homads is Austin’s marketplace for monthly rental homes. Our listing service not only provides you with a stable short-term source of income, but also helps you avoid the city and state hotel taxes levied on rentals of less than 30 days. Let Homads show you a better, easier way to rent today!