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Updated about 2 months ago on . Most recent reply

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Peggy Ma
  • Homeowner
  • Washington, DC
0
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1
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How to increase long term rent for $300 - $400/month?

Peggy Ma
  • Homeowner
  • Washington, DC
Posted

Hey there,Im posting this to see if there's any strategies to increase the monthly rent.

I have a townhouse style condo that we currently occupy, and this is the first time we want to rent it out.  It is a :

- built in 2021

- upper level  2 stories

- 3b2.5b

- 2500sqft

- Condo

in North VA.


When we enter the front door, there's some stairs that you need to climb to reach the living level, which is 3rd floor in this building. And this building has 4 levels in total, the lower 2 levels is another condo. And our home occupies the upper 2 levels. 


Our lower level neighbor rent their condo out  for $3100/m

with a 

 lower 2 level

- 3b2.5b

-1500 sqft 

- condo

 without any upgrades or furnitures

Our home has the same style and same builder options, the only difference is that we have a big open space living level with a huge kitchen island. And all bedrooms are on 4 th floor. I think we can easily to rent our home out for 3400/m long term.We are looking to buy another one, and the loan officer wants us to rent it to 3700 or 3800/ m

What should u do to increase the monthly rent by $300-400?

Posting a redfin link of a same type of condo for reference -https://www.redfin.com/VA/Sterling/45204-Lettermore-Sq-20166... . This is not our home.  Our condo looks exactly like this one, but we have a nicer view and in another more premium community with better location, better school rating, better amenities,  better communting resources. But you can get a feeling on how does my home look like using this link. 

________________________________________

Personal thoughts-
I think if it's furnished then we would prob reach our goal, but I don't think the future tenants like to pay extra 300/m for cheap Ikea furnitures, and it would be another big expense to purchase furnitures. 

I'm new to BiggerPockets and this is my first post. :)
looking for strategies! Thanks in advance!

  • Peggy Ma
  • Loading replies...