The average Georgia landlord makes over $83,000 annually in passive income. If you want to make this or an even higher sum, you'll need first to know the potential of your property.
A rental analysis can let you know how much you can make (and how you can work toward more passive income.) Read on to learn some tips for having a property management company run a Riverdale, GA rental analysis.
1. Research Riverdale, Georgia Rental Rates
The average rent for a Riverdale rental unit is $1270 per month. However, this price is highly variable depending on your property's location and size. 7% of rental properties make under $1000 while 14% make over $1500.
Look at your property size and the amenities it has. Compare it to other rental facilities in your area. Look especially closely at those within the same areas of the city as you.
Then, research the rental rates that these properties offer. Online platforms and real estate websites will give you accurate data about these prices. You can then decide on the average market price for the properties most similar to yours.
This is probably the rental rate you'll initially charge. You need to be competitive and can always raise the rent later. Luckily, a property manager can help you conduct research and set fair rent that will draw renters in.
2. Consider Economic Factors and Market Trends
Next, look into the local Riverdale economy and how external factors are impacting the rental market. If there's a lot of job growth, you'll be able to rent for higher fees. If the population is increasing and the rental market is becoming more competitive, your earning potential is higher.
Make sure to consider how the economy is impacting your specific target demographics.
Then, think about real estate market trends and new developments. Local regulation changes and short-term rental restrictions can change your potential for passive income greatly. New infrastructure or renovated neighborhoods might also make rental demand higher, so you can collect more money in a higher-value neighborhood.
3. Work With a Rental Analysis Professional
While you can technically do this labor on your own, it will be painstaking and stressful. You're also likely to make mistakes since you don't have expert research knowledge. Professional screening and research tools can also ensure that you get accurate information and set competitive rent.
Without expert help, you'll be left to flounder. Paying for tools on your own isn't an appealing option, nor is taking hours upon hours to learn how to use them.
Working with an expert means a stress-free, time-saving experience. You won't even need to lift a finger to find out how much your rental property is worth. Experts will tell you within just a couple of days.
They'll also help you maximize your income with maintenance/repairs, find quality tenants, and draft up a lease that people will want to sign.
Get Started
Now that you know the basics of a Riverdale, Georgia rental analysis, it's time to get one. Our professionals will thoroughly assess your property and tell you how much you can expect to make on your rental unit(s). Get a free report from PMI South Atlanta and assess our expert evaluation today.
