How Much Should I Rent My Denver Home For?
This video is how much should I rent my Denver home for?
I’m Matthew Whitaker, I’m with gkhouses here in Denver and I’m going to help you rent your house as quickly as possible.
So, I want to explain to you how we look at leasing homes and I think it’ll help you rent your Denver home.
If you need our help renting your Denver home, I hope you’ll reach out.
So, Let’s Jump Right In And Straight Into It. (How Much Should I Rent My Denver Home For?)
And, what we talk about a lot here at gkhouses is price versus product.
So, one of the things I want to make certain you understand is this is kind of the old school law of supply and demand.
Demand and the rental world is how many tenants are actively out looking?
So, One Of The Things You Need To Know Is During The Summer Months Is By Far The Most Amount Of People Out Looking.
So, the highest demand occurs from late spring to late summer.
The reason that is, is just the cadence of life.
If you think about it, most people get out of school around that time or kids get out of school.
And what happens is it creates a natural cadence.
So, the school year basically bleeds into someone who gets out and gets their first job.
And then most leases are annual and then by the time they have children, they fall right back into that cadence.
Easier To Move! (How Much Should I Rent My Denver Home For?)
It’s just a time when it’s easier to move. And, that’s kind of the law of demand.
On the supply side, you also need to know what all is out there, how many homes are out there and how that’s going to affect it.
So, anytime supply is high, it’s going to push prices down. So again, price and product are affected by this.
Let’s take a look just at your house.
One Of The Things!
I want to know with your house is there any kind of white elephant issues that might keep your home from renting?
White elephant issues in our world are maybe the home’s on a busy street.
These are things you cannot affect. You can’t change.
Maybe it backs up to a graveyard, maybe it backs up to some industrial and it’s loud.
So, that’s kind of white elephant issue. And you want to think about that.
The Other Thing You Want To Think About Is How Normal Is Your House Relative To The Other Homes In The Neighborhood.
If your home fits into the box of the other homes in the neighborhood, in other words, it’s not that different, then it’s going to be way easier to rent your home because you don’t really want to sell differently in the rental world.
Because different means people are just not going to be interested.
The Other Thing That’s Important To Note About The Rental World Is That It’s Very Much A Snapshot In Time. (How Much Should I Rent My Denver Home For?)
So, it is very much competition between what is available.
So as a renter, I’m not following the rental market. I’m not looking constantly for houses.
I Really Am A Snapshot In Time.
In other words, I’m going to go out and try to find a house as quickly as possible that meets maybe three or four criteria.
The School Zone!
Maybe it’s in the neighborhood I want, the school zone I want, the number of bedrooms that I want.
As long as it meets my criteria, then I’m going to lease that home. So, the bar is a lot less.
So, you may have some historical data that will help you determine what a house will rent for.
You can find things like that on Zillow with a Zestimate.
And we have tools like that at gkhouses to do that too.
But The Other Thing You Have To Do Is Find Out, Well, What’s Available. (How Much Should I Rent My Denver Home For?)
In other words, if I have that certain amount of money in my pocket and now I want to rent in your neighborhood, what are my options to rent for?
So, you can price yours at, if you think your product is at the market, and you price your product at the market, you’re going to compete, right?
You Think Your Home Is A Little Bit Better!
If your product is better and you price it at the market, in other words, you think your home is a little bit better than what else is at the market and you price it at the same price, yours should be the next one that rents.
Now, if you think your product is very similar to what else is on the market and you want to be the next one that rents, try to look at it through the eyes of a resident.
You want to be the next one that rents, then you need to make sure that you are priced below that because they’re going to say, “Hey, all these homes are very similar. I want to price mine below it.”
You want to be the next one that leases.
So that said, I hope that was helpful.I’m Matthew Whitaker with gkhouses.
If we can help you rent your home here in Denver, I hope you will reach out to us.
Thanks so much for watching.