OKC Homes for Rent | Raising the Rent on Your Investment Property

 

Property management companies in OKC agree that raising the price of your rental property is only one way to increase your ROI. All across the nation, apartment vacancy rates are at all-time lows. Working with a provider of property management in Oklahoma City is a great way to take advantage of high apartment demand and cultivate long-term residents on your investment property. However, one concern many property investors have is how to raise the price of rent without driving residents away.

 

One important thing that property management companies in OKC ask their clients to keep in mind is the cyclical nature of the housing market. Working with providers of property management in Oklahoma City will give you the tools you need to keep up with the changing factors that can influence the price of rent. For investment property owners, the key to keeping an investment property profitable is keeping the rental price in line with market conditions.

 

Property management companies in OKC take a few factors into consideration when helping you decide how to raise the price of your rental property:

 

  • Market conditions. They key factor determining the cost to rent houses in Oklahoma City lies in the condition of the housing market, both national and local. Rental homes in Oklahoma City may command a higher or lower rent than national averages, depending on the local market. Increasing the price of your OKC homes for rent will depend on an in-depth analysis performed by your property manager. If it does not seem like the right time to increase the rent on your property, property management companies in OKC can work with you to develop other strategies to increase your return on investment.

  • How much is your rental costing you? The key to owning successful rental homes in Oklahoma City is to keep your expenditures lower than your revenue. One easy way to determine whether you need to raise the rent on your investment property is by analyzing your monthly expenditures. If the cost of your mortgage, insurance, property taxes, repairs, and utilities exceed what you're charging for rent each month, it is likely time for a rent hike. However, if increasing your rent threatens to sacrifice your property's competitiveness, your property manager can work with you to lower your monthly expenditures.

  • Look at similar properties. There are a lot of free resources out there to help investment property owners see what similar properties are charging for monthly rent. Trulia and Zillow are two great websites that allow you to determine the ideal cost at which to rent houses in Oklahoma City.

 

Investors choose to work with property management companies in OKC because they want to see higher returns from their investment properties. Raising the rent of your investment property is only one way that a property investor can help you see better returns. If you have any more questions about raising the rent on your investment property, talk to a OneProp OKC property manager today.

 

 

 

 

 

 

 

ONEprop Oklahoma LLC is a Real Estate Brokerage licensed by the State of Oklahoma, OREC license number 157720