Your new Puyallup, Washington, rental property stands tall at a street intersection, demanding the attention of a stream of passersby. You can't wait to secure your first tenant and start generating property income, and fortunately, the future looks bright for you.
Research shows that the rent in Pierce County in 2024 was $1,987 - nearly 40% higher than the average rent amount in the state of Washington. That's because the county's housing supply hasn't kept up with its population growth due to strong economic opportunities and a high quality of life.
Conducting a rental analysis is crucial for increasing your property investment returns. Let's explore a few quick research tips and tools for insightful rent price decision-making.
Do Your Research on Market Rental Rates
The first step in completing a property valuation is identifying Puyallup area properties similar to yours in condition, amenities, location, and size. A local real estate listing can help you pinpoint comparable rentals for your investment analysis.
Compare the rental pricing, how long homes are on the area's market, and the occupancy rates (how frequently homes are occupied by tenants). This will help you understand what renters are prepared to pay for homes in the Puyallup area.
Examine Your Home's Features
Evaluate your property's overall condition. Consider the square footage, number of bathrooms and bedrooms, and special amenities. These features may include new appliances, the yard's size, and a garage.
Emphasize amenities like closeness to schools or public transportation, outdoor areas, laundry facilities, and parking in your rental ads. These can substantially affect your rental value in Puyallup.
Make Your Price Competitive
Use the information you gained from your research into properties similar to yours to determine a fair yet competitive rent price. Make the price better than those nearby to swiftly attract tenants and adjust it for special property features.
Amenities like a pool may warrant a higher rental price. Consider reducing your rent slightly if your property lacks unique features. Remember to modify your price in response to economic changes, Puyallup market fluctuations, and seasonal demand.
Consider Maintenance and Other Expenses
Ensure your Puyallup property's rent price includes your mortgage insurance and property manager fees. This may help you remain profitable in the real estate investing field. You can generate enough money to cover these expenses and still save to improve the property, pay off the mortgage early, or purchase additional properties.
Remember to plan for property repairs. Save a percentage of the fee for routine maintenance and unforeseen repairs to keep the property in excellent condition and your tenants satisfied.
How We Can Help With a Rental Analysis
Generating an accurate rental income forecast requires researching properties similar to yours, examining your home's features, and making your price competitive. Factor in maintenance expenses to ensure you remain profitable.
At SJC Management Group, we offer high-quality property management services, including rent collection, tenant screening, and marketing. We can also perform a rental analysis to help you determine the most competitive price for your rental property in Puyallup. Boost your profitability and retain tenants by partnering with us today!
