Oakland landlords, good news. The cost of renting across the US has been going up faster than the value of the homes themselves.
So the question becomes how much you can get for your rental property in Oakland, CA. Conducting a rental valuation can feel overwhelming since you're playing a delicate balancing game. How do you even begin to accurately gauge how much a property is worth?
With the right approach and a little insight from experts in the industry, we'll show you how it's done. Read on for the best tips on rental valuations.
Understanding Rental Valuation
At its core, rental valuation is about determining how much value your property offers to tenants in the current market. It goes hand in hand with your property's market value when on sale. Everything factors in, whether it's your pet policy or prestige as a rental in an HOA community.
What might some of those factors be? The following determine the cost to rent in Oakland:
- A good location
- The property's age and condition
- Current market trends in the Oakland area
- The price of other rentals in the area
- Your net income after factoring in expenses
- The strength of the local HOA
By assessing these components, you will be better equipped to understand where your property stands in the current market. If one of these factors is weak, you'll know what you need to do. Perhaps all that's required is to boost HOA home value.
Aspects That Carry High Value
So which aspects of your property will earn the most? Here are a few ideas to get you started:
- Recent renovation work
- Modern amenities
- Security systems and safety features
- Nearby places to visit like parks
Effectively, look at the things that your property offers that others do not. Emphasize its strengths and find ways to pivot its downsides into advantages.
The Role of Professional Help
While you can go about this process alone, leveraging full-service association property management in the Oakland, CA area is a must. These professionals come with a wealth of experience and can take several responsibilities off your plate. Some surveys have determined that Americans believe every hour of their time to be worth $240, time you can dedicate to something else.
Property management services can do a lot to get an effective evaluation. Consider things like the following:
- Conducting market analysis to determine optimal rental rates
- Conducting thorough property inspections
- Finding low-cost ways to boost rental valuation
- Determining which aspects to advertise most
By partnering with such services, you ensure that your property maximizes every dollar of its worth. The money spent on hiring property management will likely pay back heavy dividends in the long run.
Your Next Move Awaits with PMI
Rental valuation is about seeing the difference between what renters are willing to pay and its true market value. Take note of your property's high value assets. Don't be afraid to look to property management services for accurate evaluations.
PMI Oakland can help you get those evaluations. Our talented team of property experts knows the Bay Area well and what renters here prioritize most. Use our ROI calculator to get started.
