In property management, one question that frequently arises is how to appropriately price a rental property. Over the years, especially amid the pandemic and its aftermath, our market dynamics have evolved significantly. As someone with 13 years of experience in Jacksonville’s local market, I’ve witnessed these changes firsthand.
Let’s look into a bit of history. Back in 2007, a typical three-bedroom, two-bath home in Jacksonville rented for around $1,300 to $1,400 in a standard neighborhood. Fast forward to 2019, pre-pandemic, and prices were steadily climbing, rebounding from the 2009 crash. By then, the same property might command $2,000 to $2,200 in rent.
“This approach attracts quality tenants who are willing to pay on time and take care of the property.”
However, the pandemic brought its own twists. While prices continued to rise, an influx of investors flooded the market with rental properties, creating a surplus in certain areas and making it more challenging to find tenants.
So, what’s the strategy for success in this evolving landscape? The key lies in pricing your rental property reasonably. This approach attracts quality tenants who are willing to pay on time and take care of the property.
Avoid the temptation to set excessively high rents, which may attract desperate tenants and lead to potential issues down the line. Instead, aim for a balance where your property is priced competitively yet attractively, enticing responsible tenants who value the rental experience.
Ultimately, prioritizing a reasonable price over chasing the top dollar can lead to a smoother landlord experience with fewer complications. Whether you’re a seasoned property manager or a DIY landlord, finding this balance is crucial for long-term success.
If you’re looking for more insights or have questions about rental property pricing strategies, feel free to call or email me. I’m here to share my knowledge and help you navigate the ever-evolving rental market.
