Did you know that Venice, FL has a population of over 26,000 people?
While it's by no means the biggest city, it's one of the most luxurious in the country. If you've invested in one or more real estate rentals, it's important to figure out a price for them so that tenants flock to you and stay for a long time to come. That way, you can get the most amount of money possible.
Are you stumped when it comes to rental valuation? Keep reading to learn all about how to value a Venice, FL real estate property.
Consider the Average Rental Price
For starters, it's a good idea to note the average price for renting a property in Venice, FL. When it comes to this type of Florida real estate, the median rent clocks in at $1,275 a month. Since the population is growing by almost 2% each year, this is a good sign that you can make even more as time goes on.
However, this should only be the beginning of your valuation because it's important to do more in-depth research. For starters, there's the question of location, type of rental, amenities, and more. If you base your valuation on the general average, you could end up losing a significant amount of money.
Exact Location in Venice, Florida
As you conduct a rental valuation you should consider where your property is located. For instance, the closer you are to the beach, the more money you can ask for. There's also the city center to consider.
If you're still stumped, you can consult an expert who will help you by considering a wide range of factors, including the price of the competing rental properties in your exact area.
Your property value can also be a helpful indicator of rental valuation. To use a clear-cut example, you can certainly ask for higher rent than usual if your property is a million-dollar home.
Not only will multiple bedrooms increase the amount of rent you should ask for, but also the amenities. Aside from the actual rental property value, there's the potential pool to consider, as well as the dog park, the gym, the tennis court, and more.
Providing at least a few of these amenities can make your property look more attractive than your competitors. More people will be willing to pay higher rent when they can enjoy so many activities.
Are You Ready to Master Rental Valuation?
Now that you've learned all about how to value a Venice, FL real estate property, you'll feel much more confident concerning your accuracy. Of course, to be as on point as possible with your rental valuation, it's crucial to have trained experts involved.
We're a full-service property management company that can provide accurate quotes, find and screen tenants, collect rent, and so much more. That way, all you have to worry about is cashing your monthly checks.
Feel free to contact us to get the ball rolling. We look forward to hearing from you.