Roswell, Atlanta, and Sandy Springs, Georgia, are the third fastest-growing U.S. cities. Between July 2022 and July 2023, they collectively gained over 68,000 new residents.
That's fantastic news for Roswell landlords, as population growth indicates more prospective renters. However, to benefit from that growth, you must first attract the right tenants and get them to sign a lease with you. It begins with setting the right price, for which you need an accurate rental valuation.
So, keep reading, as this guide unlocks property valuation tips and secrets for your investment property in Roswell, GA.
Start With the Median Rent
The median rent is the estimated middle price of all published Roswell, Georgia rental prices. It indicates that half of the properties charge less while the other half charge more. At the time of this writing, it's $1,347 a month.
As a landlord, you should track changes to the median rent, as it can be a reasonably accurate indicator of the state of the Roswell rental market. A rental valuation can help you determine this; if it shows drastic changes, your rental rates should reflect them, too. Otherwise, you could put off renters if your rates are significantly higher or lose profit if you charge far less than the typical.
Get More Specific
Once you know the average or median rental rates, it's time to focus on your property's specific features that influence how much you can rent it out for.
First is location. Properties in neighborhoods with excellent livability rates often command higher rental fees. These include places with a low crime rate, proximity to amenities and schools, and high demand for rental properties.
You must also factor in your property's features, including its size, number of bedrooms and bathrooms, and amenities. Next, research how much comparable properties charge. You can then use this as a basis for your rental rates.
Use Free Rental Valuation Resources
Here's a secret: A reputable property management company can give you a free rental rate valuation. They provide several options, one of which is through a rent vs. sell calculator. It can give you an idea of how much you can make when renting or selling your property.
Armed with that information, you can determine the more profitable route.
Another excellent idea that won't cost you anything is to get a free rental property consultation. Like the rent vs. sell calculator, it's a free service offered by a few real estate or association management experts. During the consult, give them as much relevant information as you can about your property so that they can provide you with a more in-depth rental income analysis.
Keep These Rental Valuation Tips in Mind
Whether you're an existing property owner or plan to invest in a rental property in Roswell, GA, use the rental valuation tips and secrets we've shared in this guide. They can give insights into a property's current and potential profitability.
Better yet, partner with PMI Roswell. Our full-service real estate asset management company specializes in association management. We're also a proud franchisee of PMI, the nation's largest property management solutions provider with nearly 20 years of service history.
So, get the ball rolling by scheduling a free property consultation with us today!
