Everyone is looking for value, including the residents in San Francisco who are searching for a new home. We recommend keeping your rental price competitive and offering the best residents something that they won’t find everywhere: exceptional customer service.
1. Pay Attention to San Francisco Rental Market Trends
While you want to price your unit as high as you can to optimize your earnings, you don’t want to go so high that you’re outside of what the market demands. This will only lengthen your vacancy time, and that’s going to be expensive. Pay attention to the market, which can change daily.
How you price your home will depend on the competition:
Understanding the market and the residents in your area of San Francisco is critical.
Your rental property’s location will always influence its price, so it’s not enough to understand the San Francisco rental market; you have to understand what’s happening in your unique neighborhood.
The city is full of micro-markets, and prices can change dramatically from street to street and building to building. When you’re comparing your property and its price to others, make sure you’re sticking to the competition that is relevant.
Property condition is something that’s easy to control when it comes to pricing your unit. If your rental home is worn and run down or it’s in a building that needs a lot of new paint and landscaping, you’re losing rent money.
Keep your unit well-maintained and attractive, and make sure the curb appeal is working in your favor.
You’ll be able to charge more in rent when you provide fresh paint, new floors, and even simple improvements like new faucets in the kitchen and bathrooms. Replace your drawer pulls with brushed nickel. Install better lighting, and when your appliances start to break down, don’t continue to repair them. Instead, replace them with energy-efficient models or stainless steel.
These minor investments will not only raise your rent; they’ll also attract better tenants.
BanCal Property Management has been effectively pricing San Francisco rental properties since 1987. We understand what your home is worth and how it measures up in the market.
At BanCal, we offer our owners a detailed market evaluation and a rental analysis that can tell you where your price should be. We work with reliable data and our unique insight into this market and all its nuances.
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