HOW MUCH CAN I RENT MY HOUSE FOR IN GRAND RAPIDS AND/OR WEST MICHIGAN?
At Simple Home Management, one of the leading Grand Rapids Property Management companies, we get this question all the time. “I want to rent my house out, how much will it rent for?” This is a loaded question because there is no one size fits all answer.
Location can be important in Grand Rapids and surrounding areas as it impacts rental rates. Here is a small list of items to think about for location (This is not a complete list):
Is the property close to grocery stores/other businesses?
Close to employment?
Close to the bus line?
Is the house in the country and have propane heat?
How is the school district?
How is the crime?
Off street parking?
TIME OF YEAR
Renting in the winter months in West Michigan can be a challenging time to find a good, qualified tenant. You may have to lower your rent or do a move in special. This is because there is less of a demand in the winter months in Grand Rapids. The last thing you want to do is approve a tenant that you will be evicting in a month or two. If you have done this, here is a link on the eviction process. On the other hand, spring/summer months are much better for finding a qualified tenant. This is because there is more of a demand during the spring/summer.
CONDITION OF HOME/PROPERTY
When people say “I want to rent my house”, one of our questions is what is the condition. Some rental properties still have carpet in the kitchen and bathrooms! Those properties will not rent out for as much as a property with new kitchens and new bathrooms.
If you want to get the highest rent possible, the property much be in great condition. Newer paint, carpet, etc. can have an impact on the rental rate. Kitchens and baths are typically where you can put money in and see a return.
If you are going to make the tenant pay all utilities, the rental rate will be lower than a property that includes utilities.
AREA RENTAL RATES
Look at what some of the other rentals in the area are going for. You can do a quick search on craigslist and get an idea of what they rent for. Don’t forget that a rental that is two miles from yours may be next to a park or some other attraction. This can raise the rental rate and give you a false sense of what you can rent your property for.
Simple Home Management uses a software that takes into account area rentals and pricing. This gives us a 3rd party report of what the rental rate could be. We then take an honest look at the property and adjust the rental rate from there.
If you would like a free rental assessment, contact us today!
Simple Home Management is a leading Grand Rapids property management company and specializes in working with property owners with one to 30 rental units. You can contact us at 616-329-6318 firstname.lastname@example.org