How To Price Your Rental Property

One of the scariest times a homeowner goes through while renting their home is the vacancy. A vacant home is an expensive home. You have mortgages, utilities, yard care, snow removal, and additional expenses you’re paying without any income to offset the expenses.

Here are six options to help rent your home faster in Salt Lake County.

Option 1: Allow Pets

66% of U.S. households own a pet, according to the latest research and data from the 2023-2024 World Animal Foundation. The number of households with pets has remained steady year over year.

Allowing pets will double the number of prospective tenants in Salt Lake City who can qualify to rent your property. That means reduced vacancies, higher rents, longer tenancies, a larger tenant pool, and more.

There are risks in allowing pets. That’s why Nestwell Property Management has created a solution to protect you and your property from pet damage. Learn More About Nestwell’s Pet Damage Protection Program.

Option 2: Aligning Price With The Market

At Nestwell, we show homes that existing tenants currently occupy. We are one of the few property managers in Salt Lake City that do this. Occasionally, the existing tenants can be uncooperative and cause bottlenecks.

If the home is vacant and not renting, it’s always, always, always going to be because of the asking price. When a home is vacant, rent-ready, and even has the most essential marketing pictures — lowering the asking price will get your home rented.

Be aggressive with your pricing decision. It’s much better financially to rent your home within the first few weeks it is on the market making you more money in the long run. Nestwell recommends starting the asking rent for $25/mo below market. After one week, reduced it another $25 until we received multiple showings and applications. 

Option 3: Lowering the Asking Price for Rent for 6 Months

Lowering the asking price for the first six months to a new tenant can be a good incentive. Be careful with this, as this technique will attract more applications but also turn some of them off by what seems to be a gimmick. Make sure your lease agreement is equipped to handle this escalation clause.

Option 4: Matterport 3D Tours

A Matterport 3D Tour for your home is a great way to increase the number of prospective tenants to see your home. This is an excellent way to draw more interest to your home from prospective applications. The average cost varies depending on size.

Option 5: Professional Photography

Professional photographers are a dime a dozen so stop shooting photos with your iPhone and hire a professional to take 25 photos of your property. You can also take a video and edit it if you have time, giving prospective renters a chance to see the inside.

Option 6: Facebook Boost Marketing.

Target marketing campaign for your home on Facebook is a great way to find a large number of tenants. This a lengthy process to set up and it’s an extra expense to advertise online, but it can be worth casting a wider net.

Struggling to rent your home in Salt Lake City? Call us, and we can give you more details and strategize for free.