Nashville currently has some of the lowest rental prices among larger American cities, but that won't always be the case.
Music City is growing - and fast. If you're looking to invest in rental property, now is the time, but you need to make sure it'll be worth your while. The best way to do that is to look at the local market with a thorough rental valuation.
In today's post, we'll help you unlock some rental valuation secrets. With a strong property market analysis, you can arrive at an accurate Nashville property assessment. Keep reading because once you've done that, major profits aren't far away.
Compare with Other Rentals
The fastest way to get a general sense of how much you can charge for rent is to look at your fellow landlords. When you have a property in a certain area of Nashville, the market is dictated by demand and how much other landlords are charging.
To gain a clearer picture, look at properties that are in your general area. Find ones that are of similar size with similar amenities. How much they're charging renters is a great indicator of how much you'll be able to charge your tenants as well.
Property Amenities and It's Condition
Looking at the property itself is crucial in the real estate valuation process. If your property is in poor condition, none of the comparisons you make with other properties will matter.
The amenities on offer and the overall level of maintenance are important indicators of tenant interest. If you deem your property to be slightly run down, it's worth it to put in the maintenance work to turn it into an attractive rental. Amenities, such as new appliances or outdoor space, go a long way in generating interest among tenants.
Location, Location, Location
Local amenities are integral as well. If your property is in a desirable part of Nashville, like The Gulch or East Nashville, you'll have an easier time finding tenants with higher rent prices.
Your property's proximity to grocery shops, restaurants, nightlife, schools, and parks all factor into what you'll be able to charge. Make sure to include all of these things in your listing when you put your rental on the market.
Nashville Rental Trends
The number of renters currently on the market has a direct effect on your rental income potential. When there are more apartment hunters, there's more demand, and you can charge more for your rental. When the opposite is true, you have to settle for a lower price.
Fortunately, Nashville is growing rapidly. You should always have demand for your rental property, so long as it's in good shape and in a desirable location.
Get a Professional Rental Valuation with PMI Whiskey Trail
These rental valuation hacks will help you get to the right rental rates quicker, but it's not always simple. If you're having trouble wrapping your head around property market analysis, a professional hand will help guide you.
PMI Whiskey Trail is one of the foremost Nashville property managers. Our experienced professionals understand the rental market and can offer an accurate rental valuation. Contact us to get yours for free today.
