As a rental property owner, it might be your desire to command the highest rental rates that your property can muster. If you work with reputed rental management companies in Baltimore Maryland, that’s exactly what you can expect. However, not all property managers get premium rates for client properties. There’s a reason why. Understanding those reasons, and taking the steps to avoid them, can help propel your properties’ rental value potential higher.
Judging by the Numbers
According to one source, the average rent for an apartment in Baltimore City is $1,536. That’s for a comparatively small – $825 square ft. – unit. Clients of reputed Baltimore County rental property management companies can command even higher rents – but it all depends on the level of services the property manager offers.
Here’s what the numbers tell us about the state of the rental market:
– 16% of the properties rent for between $701 and $1,000
– The vast majority, 45%, rent for between $1,001 and $1,500
– 22% of the rental units fetch the next higher rental point, $1,501 and $2,000
– Finally, only 17% of the rental units earn $2,000 or above per month
So, if the average rent is $1,536/PM, what factors limit rental management companies in Baltimore Maryland from charging higher ($2,000 or more) rates? And, if your properties are in the lower range of that spectrum, can you, as the property owner, do anything to change that?
Understanding the Causes
Let’s answer the first question, about whether there’s anything that property owners can do to attract higher-paying tenants to their properties: The short answer: YES! And there’s an easy solution to what that might be; but first let’s look at four top reasons why your properties may be renting for well below their potential:
1. Your property looks “old and tired”
2. Tenants aren’t satisfied with the level of service they receive
3. You’ve had frequent “run ins” with City and County officials, and your property is on their “black list”
4. The property isn’t advertised and promoted to its full potential
In summary: The Baltimore County rental property management company you work with, isn’t doing a great job of representing your interest. And, if you aren’t using professional property managers to maintain and manage the property, then…there lies the issue!
Easy Solution to Tough Questions
It’s often said that, when it comes to most challenges, there aren’t any easy solutions. However, rental property management challenges do have an easy solution: Find the right property manager, and hold them accountable for performance. It’s as simple as that!
At TREU, the approach to property management ensures all the challenges outlined above – and then some! – are appropriately addressed. As one of the premier rental management companies in Baltimore Maryland, TRUE’s technology-driven approach offers efficiency and timeliness to every interaction between tenants, property owners, property management teams, and other stakeholders, including 3rd-party vendors and contractors.
Whether you are homeowners, residents, or a Home Owner’s Association (HOA), The TREU team leverages their integrated tech-driven platform to ensure timely maintenance, on-time collection of dues, and quick resolution of issues and requests. That’s the way to move your properties up the chain that commands higher rental value.