How to Price Your Rental Property in Los Gatos and Santa Clara County

Los Gatos Property Management - REC Property ManagementAlthough the forecast for the rental market in 2012 is still showing signs of uncertainty, those with rental property in Los Gatos, Santa Clara County, and Silicon Valley are only seeing dollar signs.

Recently there has been a lot of talk in the news regarding the rental market this year, but the one thing they all agree on is that the San Jose-Sunnyvale-Santa Clara area is going to see another tech boom, which will dramatically affect the housing market.

What is so special about this market? The fact is, San Jose has had the largest increase of any major metro market in the nation, according to a RealFacts Inc. survey released this year.

By following some basic steps, property owners can maximize rent for their unit without scaring away potential tenants.

Step 1
Check newspaper ads and online classifieds such as Craigslist for rental properties similar to your own in terms of size, location, amenities, condition and surrounding school districts. Keep in mind, though, one key aspect that changes the comparable – they’re not rented. Although Craigslist is a good tool to assess the price range for your unit, see what it is that keeps those properties vacant and sets yours apart.

Step 2
It’s important to remember that rents vary depending on the location of the property. Depending on the area, the demand for rentals will either be higher or lower. However, tenants will generally pay more for a unit located in close proximity to parks, shopping, schools and restaurants.

Step 3
If you have neighbors in the area that rent property and are willing to divulge information; talk to them. Neighbors can potentially be a great source to talk to.

Or…
Go to a property management company. For instance, at Real Estate Connections in Los Gatos, we manage quite a few properties. We can examine units in almost every neighborhood in Santa Clara County and find comparable properties for you that are within the market and already rented.

When pricing your property for rent, it’s important to take into account the competition. Know your market to help properly price your unit and maximize profits.

If you’ve got any questions on this subject, feel free to contact us

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7 Responses to “How to Price Your Rental Property in Los Gatos and Santa Clara County”

  1. George Trombley June 17, 2013 11:41 am
    #

    Mike,

    Great Blog! Knowing your market it so important to getting your house rented at a good yet fair price. In Las Vegas we recommend similar practices! Take a look at this blog and let me know what you think.

    http://blog.blackbirdrealty.com/how-to-set-a-price-for-your-las-vegas-rental-property/

    George

  2. Lois Moore September 16, 2013 2:29 pm
    #

    We like that you’ve enumerated steps to maximizing rental pricing. We agree that the location of your rental property, as in proximity to excellent school districts, restaurants and shopping, dictates the price you can ask for a rental unit. Here at LMoore, we find things like updated finishes i.e. stainless steel appliances and granite countertops can also typically raise rental pricing. Here is a link to a blog covering the subject:

    http://blog.lmooreinc.com/portland-property-management-how-to-determining-rental-value/

    Hope you take a look at it and find some interesting information.

    Lois

  3. Jerry Jennings October 10, 2013 3:48 pm
    #

    Interesting advice to canvas Craigslist and see what prices rentals are going for in a specific area. In our blog we disclose that one way to command a higher price for your rental is to present the property well; every detail from paint to landscaping attended to. If you’re interested in reading more, here is a link to it:

    http://blog.wgprop.com/charge-rent-nashville/

    Jerry

  4. Kathleen Richards October 24, 2013 2:49 pm
    #

    As you mentioned, proximity to parks, shopping, and good schools all affect a property’s potential rental price. Another factor that can raise rental price, but one we feel warranted, is a gardener; we believe tenants rarely take care of their yards no matter what they claim. If you’d like to view our blog, here is the link:
    http://blog.portolarentals.com/how-to-price-santa-cruz-rental-property/

    Kathleen

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Trackbacks/Pingbacks

  1. How to Be a Landlord in Santa Clara County: Where is the Market Headed in 2013? - Real Estate Connections - February 21, 2013

    […] In 2013, we expect to see a steady increase. There is nothing to indicate that the rental market will do anything except continue to move forward. With people still unsure about whether it is better to rent or buy right now, the rental market is benefitting. That uncertainty about whether housing sales will rebound will keep people renting for the near future. […]

  2. How to Be a Landlord in Santa Clara County: Where is the Market Headed in 2013? | Real Estate Connections - April 2, 2013

    […] In 2013, we expect to see a steady increase. There is nothing to indicate that the rental market will do anything except continue to move forward. With people still unsure about whether it is better to rent or buy right now, the rental market is benefitting. That uncertainty about whether housing sales will rebound will keep people renting for the near future. […]