What can I charge for my rental house in Chattanooga?
My name is Alex Smith. I’m the team leader for our office here in Chattanooga at gkhouses. One question that we get asked pretty much right off the bat is, “What can I charge for my rental house in Chattanooga?”
Short answer? Ultimately, it’s up to you.
We have two data points that we use to create an expert opinion and give that to you and then you make the final call.
First we essentially create a profile for your house in a site called RentRange. We input the number bedrooms, the number of bathrooms, the square footage, and the address of your house.
RentRange runs that information against comparable houses that have been on the rental market in the past. It then calculates a rent price and a confident score. The score shows the likelihood of getting a tenant in at that price.
It shows the high rent for the area as well as the low and the average rent. You will also see information on the trends in the area, such as if rent is rising or deflating.
The in-house visit is something I highly recommend to our owners. The in-house visit gives me some context for the area that the house is in as well as some context for the overall condition of the house.
Sometimes you can’t get a good feel for the house just from pictures and from the owner’s description. It helps us a lot to physically lay eyes on the house.
Another bonus to the in-house visit is you get to meet me! I get to meet you, and we both get to put a face to the name.
These are the two data points we like to employ. At that point we share our expert opinion with you, and then it’s your call!
Ultimately we are happy to put the house up for what price you think is best.
We also have a leasing team that monitors all of our marketing on a daily and weekly basis. If they think we need to drop the price, we will ask you before making any changes.
If you have any other questions, we’d love to hear from you! Feel free to shoot those over our way!