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What Affects Home Rental Prices?

rental prices

Are you a first time home renter? Do you feel overwhelmed by the entire rental process? If so, you are definitely not alone. In today’s economy, more and more individuals are becoming renters instead of homeowners. Whether you are a student just out of university or a couple trying to save for a down payment on a home, finding the ideal home to rent can be a difficult and time consuming process. Furthermore, many first time renters are unsure of how far their budget will go and what neighborhoods they can afford. There are many factors that affect rental home prices and the more informed you are, the better you will be able confidently make a rental decision!

How the Actual Home Affects Your Rental Rate

When it comes to rental prices, there will be many items about the home itself that affect the overall rental price. First consider your basics; how many bedrooms and bathrooms does the home have and what is the total square footage including any yard space. The size of the home will have a direct effect on the rental price. Other things that may factor into the rental price include how old the home is and if any upgrades have been done. A beautifully remodeled kitchen with granite counter tops and stainless steel appliances is going to be more expensive than the 1970’s kitchen with laminate floors, pretty much 100% of the time. Additional amenities such as a garage, parking space or swimming pool will have a direct effect on the end rental price, especially if the amenities are not common to the area.

External Factors that Affect Your Rental Rate

Location, location, location. Everyone in the real estate market, whether you are buying or renting, tells you that location is the most important factor when it comes to the price of a home. Typically, the closer you are to a major city, the more expensive a home will be. Other geographic items that affect rental price are the home’s proximity to shopping malls, restaurants as well as parks and schools. In regards to schools, if the neighborhood or area has a notable school district, this may also affect nearby rental prices.

Don’t Be Afraid to Ask the Professionals

It is crucial that prospective home renters evaluate all possible factors to help ensure they choose a home that meets their needs and personal preferences, as well as their budget. If you feel overwhelmed and feel you are unable to confidently make a rental decision, look into your area’s local real estate agencies or property management companies. Professional and well informed real estate specialists may be able to provide you with information you may not have previously considered. Online apartment rental companies are also a great way to find out more information about local rental prices and are an easy to use tool that anyone can use. These websites offer a convenient way to compare and contrast properties all from your laptop or home computer. Whether you seek professional assistance or dive into the rental market on your own, the conducting the proper research prior to making a rental decision is guaranteed to pay off!

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