How to Set a Price for your Las Vegas Rental Property

In order to set the right price for your Las Vegas, Nevada rental, you are going to need to know the market. As much as you and I would like to determine our own rental prices, it is going to be based upon the market, or what other properties are renting for in your local area. The market will set the price, and not what you think the house is worth. For example, if the houses in your neighborhood typically rent for about $1,200 per month, it would be nice to think that you can ask for $1,400 or $1,500 because your house is nicer. However, no matter how beautiful your home is, you are only going to be able to charge what the market will bear. Tenants will be unwilling or unable to pay more than they have to.

Perhaps you have remodeled your home, and installed granite countertops in the kitchen, thinking that doing so will drive the value of your rent up. I’m afraid you will be disappointed. Most people do not begin their search for rental properties by looking for homes that have granite in the kitchen. The primary considerations for potential renters will be the overall condition of the property, and how much you are charging for rent. Those granite countertops are not nearly as important as how much they can afford to pay, and the quality they will get for their dollar.

Your rental price will depend on the market, and it can only go up if you are able to provide what the tenants really need, such as square footage, a nice looking and well maintained place that they are happy to call home. It is important to realize that when you make upgrades and remodel certain parts of the home, your property may increase in value, but they will not warrant an increase in rent. Your granite countertops might allow you to charge more when it’s time to sell the property, but when you are renting it out; people are only going to be thinking about what they can afford to pay in rent every month.

Make your property the best property on the market. Make sure there is fresh paint on the walls, clean carpet and that it is ready to move into right away. At Blackbird Realty, we always tell our clients to not even advertise a property if it is not ready to rent immediately. If you have any questions about how to set a fair rent for your property, please contact us through our website, or give us a call. You can reach us at (702) 792-8077, and we look forward to speaking with you.

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6 Responses to “How to Set a Price for your Las Vegas Rental Property”

  1. Mike Catalano June 14, 2013 9:44 am
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    Knowing the market is important to knowing how high or low one can set their rental price. I have included a link to my blog that talks about how we do things in California. Take a look and I would love to know what you think.

    http://blog.rec-rentals.com/index.php/how-to-price-your-rental-property-in-los-gatos-santa-clara/

    Mike

  2. Kathleen Richards October 24, 2013 2:54 pm
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    As you mentioned, making upgrades and remodeling may or may not warrant an increase in rental price since this depends on the comparable properties in the area. One 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. You might get more useful information in our blog, here is the link:
    http://blog.portolarentals.com/how-to-price-santa-cruz-rental-property/

    Kathleen

  3. Jerry Jennings January 20, 2014 10:26 am
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    Excellent point that amenities like granite counter tops are not as high on the priority list to renters as overall condition and rental price of a property. One of the things we do is survey the market and see what kind of comparable properties are available in the area. This helps determine a good ballpark value for a property. Please take a look at our blog which has additional useful information on pricing http://blog.wgprop.com/charge-rent-nashville/

    Jerry

  4. Jennifer Walters August 4, 2014 1:27 pm
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    Hey George, I agree that it really depends upon what the other properties around are priced at. Knowing the market is one of the key details that we mention in our blog. Feel free to check it out and good luck in Las Vegas! http://blog.waltershomemanagement.com/2012/05/30/how-to-set-rental-price-for-san-diego-rental-property/

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