How to Conduct A Home Rental Market Analysis For Your Property In Salt Lake

Today’s blog will explain how to conduct a rental market analysis on your Salt Lake area home. This is a useful tool when you’re trying to determine how much rent to ask or if you’re wondering what kind of rent you can collect if you turn a property into a rental. A market analysis will tell you if you’re getting what the market can support for your property.

The process is similar to when you’re selling a home. You have to take a sample by doing a little research to find out what properties are renting for in your neighborhood. When comparing prices, it’s essential to compare within the same neighborhood. It doesn’t help you to look at what homes are renting for across town or in other states. Take a look at your location and then consider the number of bedrooms. From there, move on to comparing the number of bathrooms and the square footage.

When using a local online site, you can filter your search and narrow results down to your community, the number of bedrooms, bathrooms, and the size of the house. These are the primary factors people consider before anything else. With this information, you will get a good feel for what your neighbors are earning in rental income.

The more comparisons you can find, the better your data will be for an analysis. If you don’t want to do it yourself, consider calling Advanced Solutions Property Management in Salt Lake City. This is something we do all the time, and we are more than happy to come out and conduct a rental market analysis for you. If you’re wondering what your property is worth, we can help you with your rental market analysis!