Deciding whether or not a rental property will bring you profit is a tedious process. While finance plays a huge role in your final decision to rent, there are other economic indicators to consider. These include vacancy rates, the average rent for your area, and more. It’s important to be aware of all economic indicators because a property that is profitable now may change in the future.
Consult Top 10 Features of a Profitable Rental Property to guide your process. In addition to vacancy rates and the average rental rate, you’ll want to consider the kind of tenants you will be attracting. All these factors affect one another; the type of neighborhood can set the tone for vacancy rates which can set the tone for the average rental rate.
During this unique time, you may also want to consult Profitability during COVID-19 as the pandemic has impacted everyone. Life has changed and will continue to change as the world recovers. It’s beneficial to be aware of how COVID-19 is currently affecting the market in order to position yourself to compete with new trends in the future.
Once you have considered these factors, it’s time to crunch numbers and answer the question- “Will your rental property bring you profit?” We’ll do it for you! Using our Rent vs Sell Calculator can be daunting at first glance, but we’ll do all the math and you will instantly know if you should rent your property or sell it. Refer to your property information and fill in the red cells accordingly.
The columns you will need to provide the costs for are:
Don’t forget that we can be of assistance throughout this process! Let us show you why we’re the highest rated residential property management company in Minnesota. See how we can save you time and money or request a free rental analysis.