Are you planning to look for tenants for your Tucson rental home in the coming weeks or months? There’s a lot more to do than fixing it up and advertising it. In fact, knowing a bit about the Tucson rental market is a must for many reasons — from setting competitive rates to attracting prospective tenants!
Price It Right
How much should you charge for your property? Figuring out the right rate can be tough, but the current rental market can help you make this decision. A few factors to note when determining prices include:
- Low rental vacancy rates indicate high demand for rental properties
- Renter-occupied homes account for almost half of all Tucson housing
- Outer areas, such as the Catalina Foothills, East Side, and Dunbar Spring, are more expensive than central parts of the city
High demand often goes hand in hand with higher, more competitive rental rates. Even though a large amount of housing in the Tucson rental market is renter-occupied, low vacancy rates still lead to fiercer competition for available rental homes. Is your home in one of the city’s more expensive areas or in a less expensive area? You’ll want to consider this, too, when setting rental rates.
Give It an Upgrade
Thinking of doing some remodeling before renting out your property? Doing certain upgrades can increase its value — and make it easier to find tenants! A few projects that often give you a better return on investment (ROI) include:
- Switching to energy-efficiency appliances and HVAC equipment
- Replacing bathroom fixtures
- Installing brand new flooring that’s low-maintenance
Even smaller projects can help boost your rental property’s value and make it more appealing to tenants. Paint all the walls and ceilings. Replace window blinds with brand new ones. Update hardware, like doorknobs or cabinet handles.
Inspect and Repair
Finding and keeping good tenants means giving them a home that’s in great condition. Check your rental home to see what — if any — repairs need to be done, such as tightening loose outlets or fixing leaky faucets.
Bump Up Its Curb Appeal
Don’t neglect the exterior of your rental home. Sprucing it up can help give prospective tenants a good first impression of your property. A few tasks to consider doing include:
- Landscaping, such as mowing the lawn, planting flowers, and removing weeds
- Painting or replacing the front door
- Power washing the exterior and driveway
Get Help from a Tucson Property Manager on the Tucson Rental Market
Getting your rental property ready for the market takes a lot of time, effort, and coordination. A property manager can take on these tasks for you, freeing up your time and giving you peace of mind! They can handle maintenance, repairs, marketing, tenant screening — and many other tasks.
Find Reliable Property Management in Tucson for Your Rental Property
Need some help taking care of your rental home? Our team at Bancroft and Associates can help! We offer property management services to handle maintenance and other tasks — and help you maximize your real estate investment!
Source:
Tucson Rent Report July 2024: Tucson rents went up 0.6% in the past month
