How to Price Your Celebration Rental Property - article banner
Establishing the right rental value for your Celebration property depends on a number of things. Even the time of year that you’re putting it on the market can make a difference. Rental values are extremely market-driven. Even if you have a number in mind that reflects what you think your property is worth, you can only charge what tenants are willing to pay.

While there’s a lot you can’t control when you’re pricing your rental property, there are a few ways that you can influence the price that you’re asking.

A Comparative Market Analysis is Crucial

When you’re establishing a price for your rental home, you need to get some comparable rental values. This is an important first step because the information you gather will tell you what similar homes in your area are renting for. Before you price your own home, get an idea of what your competition is charging. Make sure your price tag isn’t too far outside of the average range.

Reliable data is key. If you’re managing your own property without the help of a Celebration property manager, you’ll have to look at sites like Zillow and Trulia and HotPads. But, the most reliable information will come from a management company that’s active in the local market and knows what homes are renting for right now. Property managers can also measure how long those homes have been on the market and what the rental terms are. If you see homes like yours listed for $1,800 on Zillow, that doesn’t mean the rental price wasn’t ultimately negotiated to $1,500. And maybe those higher priced homes have been vacant for three or four months. All of this information needs to be factored you’re your own rental price.

Location Matters in Celebration Rental Property Pricing

It’s well-known that location is an important factor in real estate. For Celebration rental properties, we’re already at an advantage because of the high desirability of this community. It’s close to Orlando and all the major highways like Interstate 4 and the Florida Turnpike.

Your property will earn more rent if it’s located in a desirable location. If you’re near good schools, easy commuter routes, and close to shops, grocery stores, and retailers, you’ll be able to earn more in rent than if your home is more remote.

When you’re comparing your home to the competition in order to price it accurately, make sure you’re looking at homes in the same neighborhood as you. Rental prices can change from street to street and block to block.

Property Size and Condition Factor into Price

Property Size and Condition Factor into PriceSingle-family homes often earn more rent than apartments. Most renters in Celebration are either looking for low-maintenance two-bedroom condos or single-family homes with three bedrooms, two bathrooms, a garage, and some outdoor space.

There’s not much you can do about the rental market, and you only have so much control over your property’s location and size. However, you can control its condition. Well-maintained properties will earn more rent than those that are old, worn, and falling apart. Make sure your home is in excellent condition when you’re renting it out. You’ll earn higher rents and attract better tenants. If your property needs work, get that done before you set a rental price.

If you’re struggling to properly price your Celebration rental home, contact us at Park Avenue Property Management. We can deliver the tools, resources, and experience that are needed.