Finding the right rental price for your property can be daunting. The success of your rental property business can be determined by how well you set the rental price to draw in potential tenants. Boise, Idaho, is a thriving city with a stable real estate market and a high demand for rental properties.
Property owners need to consider several factors when pricing their rental properties. We suggest considering the age of your property, rent prices in the area, market performance, the appliances and amenities offered, along with other elements that might affect a tenant’s decision to rent your property.
What is the Boise Real Estate Market Like?
The rental housing market in Boise is strong and expanding, with a steady demand for homes. Boise’s low unemployment rate and cost of living are also appealing to renters.
Due to the increased interest in the city, there’s a higher demand for accommodation. In recent years, Boise's average price of home has climbed and the city's real estate market is expected to continue expanding.
What Should I Consider When Pricing My Home for Rent in Boise?
If you’re the landlord of a Boise property, you might consider several factors when pricing your rental property.
Property Age.
When setting the rent for your investment property, it's important to consider the property's age. In order to satisfy the expectations of today's renters, an older home might require additional renovations and repairs, which would impact the monthly rent. An older house might require a new roof, plumbing renovations or modernized electrical systems.
A modern home might need fewer improvements and maintenance, allowing you to set a higher rental price. In any scenario, it's critical to estimate renovation and repair expenses as precisely as possible and include them in the leasing fee.
Rent Prices in the Area.
Considering rent prices in the area is also important when pricing your home for rent. Rental rates for homes in desirable, popular communities will often be higher than those in less desirable areas.
Location, crime rate and accessibility to public transit are just a few variables that can affect rent costs in the area. Research comparable properties in the area to determine how to price your rent accordingly.
Market Performance.
The performance of the local real estate market is also a crucial factor to consider when pricing your home for rent. You can charge a higher rental price in a competitive market, but you might need to lower your rental price in a slow market to attract tenants. It's important to keep up with local real estate trends since they can greatly impact how much your property will rent for.
Amenities and Appliances.
The appliances and amenities that come with your rental home might also significantly affect the price of rent. A private balcony, in-unit laundry and modern appliances are features that will raise the cost of renting a property.
The rental cost might be lower for homes lacking these features. When setting the rental price for your property, consider the unique appliances and amenities you offer and make the necessary adjustments.
Location.
When determining the rent price for your house, location is very important. Typically, rentals in sought-after areas with convenient access to dining, shopping and entertainment will cost more to rent.
Properties in less desirable neighborhoods might have cheaper rental costs. Research the area and consider how close facilities and local amenities are when determining how much to charge for your rental home.
Curb Appeal and Condition of Your Property.
The condition of your rental home and its curb appeal work to attract tenants and help determine the rental rate. Renters will be more drawn to a well-kept house that looks nice on the outside as well, and your rent price can reflect this.
Before determining a rental price, evaluate the condition of the interior and exterior of your rental property, including the landscaping and any necessary repairs or renovations. New carpeting, updated lighting fixtures and a fresh coat of paint can greatly impact your house's look and rental value.
In order to continue attracting potential renters and increase your rental fee, keep your property well-maintained and tidy, both inside and out.
Pet Policies.
When pricing your house for rent, don’t forget to consider pet policies. Pet policies can significantly impact a property’s rental cost. Due to the potential for damage that pets may cause, such as scratches on hardwood floors or chewed-up carpets, properties that allow pets typically have a higher rental price.
The increased rental rate covers any possible damages that might happen during a tenancy. Not allowing pets can limit the pool of potential renters, but allowing them can be a risk. If you allow pets, protect yourself from any property damage costs by increasing your rent price.
In a Nutshell: Rental Pricing in Boise
Pricing your home for rent in Boise requires careful consideration of factors like the property's age, rent prices in the area, current economic conditions, appliances and amenities, location, the condition of your property and pet policies.
With the thriving real estate market in Boise, it’s essential to price your property competitively to attract potential tenants. Ridgewood Property Management, a Boise best property management company, can help you navigate this process and ensure your property is priced correctly.
Our team of experts can help you every step of the way, from determining the rental price to marketing and finding the right tenants. Contact our team today by dialing (800) 991-5968. We’ll be happy to offer you a free rental analysis and answer any questions you might have about our services.
