Although the forecast for the rental market in 2012 is still showing signs of uncertainty, those with rental property in San Jose, Santa Clara County, and Silicon Valley are only seeing dollar signs.
Recently there has been a lot of talk in the news regarding the rental market this year, but the one thing they all agree on is that the San Jose-Sunnyvale-Santa Clara area is going to see another tech boom, which will dramatically affect the housing market.
What is so special about this market? The fact is, San Jose has had the largest increase of any major metro market in the nation, according to a RealFacts Inc. survey released this year.
By following some basic steps, property owners can maximize rent for their unit without scaring away potential tenants.
Step 1
Check newspaper ads and online classifieds such as Craigslist for rental properties similar to your own in terms of size, location, amenities, condition and surrounding school districts. Keep in mind, though, one key aspect that changes the comparable – they’re not rented. Although Craigslist is a good tool to assess the price range for your unit, see what it is that keeps those properties vacant and sets yours apart.
Step 2
It’s important to remember that rents vary depending on the location of the property. Depending on the area, the demand for rentals will either be higher or lower. However, tenants will generally pay more for a unit located in close proximity to parks, shopping, schools and restaurants.
Step 3
If you have neighbors in the area that rent property and are willing to divulge information; talk to them. Neighbors can potentially be a great source to talk to.
Or…
Go to a property management company. For instance, at Real Estate Connections in Los Gatos, we manage quite a few properties. We can examine units in almost every neighborhood in Santa Clara County and find comparable properties for you that are within the market and already rented.
When pricing your property for rent, it’s important to take into account the competition. Know your market to help properly price your unit and maximize profits.
If you’ve got any questions on this subject, feel free to contact us…
