The Rent Survey
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Rent surveys are an important part of your business strategy as a rental property owner or manager. The primary reason is that you want to get the highest possible rent for your property, but at the same time, you do not want to charge so high a rent that you drive off prospective customers. Too many rental property owners do not charge enough rent. And some landlords actually try to charge too much rent. Somewhere there is a “perfect” rental rate. The “perfect” rental rate would be that which is in line with the comparable properties in the area of your property. In this manual we will look at the following information: • Why you need to know what the market is for your property • Why you need to raise the rent • How to conduct a rent survey two different ways Landlords doing their rent surveys ways When you are finished going through this manual, you will be able to do your own rent surveys for each of your properties and have the confidence you need to set the appropriate rent. At the end of this manual you will find an example of a rent survey spreadsheet already filled out with sample data. You will also find a blank form that you can copy and use to do your own survey.   Table of Contents What is a "Comparable"? Some Thoughts on Raising the Rent What to Do to Set Your Properties Apart The Rent Survey System Sample Completed Rent Survey How to Do the Math Rent Survey Worksheet Rent Survey Flowchart Excerpt A “comparable” is a property that is similar enough to yours to generate the same rent. A property is only worth as much as the market will pay for it. That is the financial basis of a “comparable.” When you do a rent survey, you are determining what that market is. A comparable is a property that is similar in size, condition, location and amenities. Thus, when you do a rent survey, you are looking for properties as much like your as possible to provide you with a justification for your rental rate. Obviously, the ideal comparable property would be one that is identical to yours in every way, is being rented at market rate, and is directly across the street or next door to yours. That rarely happens, though, so we have to make at least mental adjustments for size, location, condition and amenities. In order to determine appropriate comparables we need to look at as many properties as possible in the area and select those most like ours. It is not an exact science, but is a whole lot better than picking a rental amount out of the sky or deciding what is “fair.” The question of “fairness” begs another question, fair to whom? You are looking for the market rate for your rental property. If you decide not to charge that rate, it is your decision. But once you know what the comparables are, you will know about what your rent should be.