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Market Rent Analysis – Setting Profitable Rent Rates
Market Rent Analysis is a tool used by rental property owners to competitively price rent for their condo, townhome or house.  In some neighborhoods, demand for all types of rental property fluctuates along with the general housing market, making it necessary to constantly monitor market influences and rent amounts charged by the competition.  Whether you’re considering a rent increase for current tenants or offering a property for rent for the first time, how can you accurately set a rent amount that will be attractive to potential tenants while providing the highest possible return on your equity in the property?  The solution is to conduct a Market Rent Analysis (MRA).
The purpose of an MRA is to compare your property against other rentals in your market in.  Here are four easy steps to do a simple MRA.
1.    Define Your Geographic Market.  Your geographic market is usually an established neighborhood, supported by surrounding businesses, services and transportation.  Draw boundary lines around your geographic market area on a map.

2.    Define Your Demographic Market.  Your demographic market consists of prospective tenants who will be attracted to the property’s location and have the income and credit history to qualify as tenants.  For example, ... more

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