According to BestNeighborhood.org, 41.49% of people in Houston, Texas, live in rented homes or apartments. So, there's no doubt about it: Space City, home to NASA's Lyndon B. Johnson Space Center, is a haven for rental property owners and landlords.
However, making it big in the Houston real estate market requires knowing what's fact from not, and that includes misconceptions about rental valuation and pricing. Otherwise, you could make the mistake of setting your rates too high or too low, leading to property income loss.
So, join us today at PMI Space City as we bust the price-related myths surrounding Houston rental properties and share tips for an accurate rental pricing strategy.
High Pricing Guarantees Better Profits
Many property owners assume that high pricing guarantees better rental profits. However, this strategy frequently results in extended vacancy periods. To avoid this pitfall, analyze comparable properties in your area.
Conducting a thorough rental assessment in Houston involves assessing various factors, such as the property's:
- Location
- Amenities
- Size
- Age
- Condition
- Neighborhood, including the area's amenities, services available, and safety and crime rates
Platforms that provide rental data can offer insights on similar properties and current trends.
Rental Valuation Isn't Necessary
Texas landlords, including those in Houston, can set (and raise) rents at their discretion. As the Texas State Law Library points out, no state rent control laws exist. However, this doesn't mean they can already charge whatever amount they see fit without having a justifiable basis.
Believing such a myth and committing this error can result in your prospective tenants:
- Getting shocked by your exorbitant rates
- Shying away from your overpriced property
- Deciding against renting your property
So, unless you price your rental right, you'll likely have little to no traction and inquiries regarding your rental, no matter how much money you spend on your property marketing campaigns.
Rental Valuation Is Expensive
No, that's not true. On the contrary, it can be free, provided you partner with the right company.
A perfect example is PMI Space City, our full-service property management firm in Houston, TX. We offer free rental analyses.
You can call us at 346.476.6017 if you need immediate assistance. Alternatively, you can complete our short online form with your contact details and property information.
Once we receive the necessary details, we'll run a thorough yet complimentary rental analysis on your property. You'll then receive a personalized, accurate property valuation report with market data and a suggested rent range.
Take Charge of Your Rental Profitability
A comprehensive rental valuation strategy is key to unlocking the full potential of your investment. By accurately assessing your property's value and implementing a strategic rental pricing formula, you can generate impressive rental profits in the long run. Don't leave your income to chance: Explore these strategies and take charge today!
If you're ready to set the correct, tenant-attracting, profit-boosting rental rates, PMI Space City is happy to help. We're a proud member of Property Management Inc. (PMI), a larger property management franchisor with over 400 franchisors and 20 years of industry experience. With PMI's backing and support, plus our team's local knowledge, expertise, and skills, we can help transform your Houston rental business.
Reach out today for your free rental analysis!
