How do I get the most out of my rental
Good morning BP family,
As I mentioned to some of you last week my introduction into REI will be with the renting of my current residence ideally before my husband and I move into our new property later this year (construction is expected to be complete by October). The rental is a condo I purchased about 6 years ago, 2/2, with about 1200 sqft.
The location is very close to a local university so I know a large part of my rental market will include college students (I'm not crazy about that but oh well) but there are also an appreciable amount of new construction apartment buildings going up in the area. To better compete my husband and I felt we should invest in a few cosmetic upgrades (vinyl plank flooring, replacing countertops, and appliances). I'm still a little nervous, though, that we won't be able to get top dollar in rent. The comps in the area have a huge range from $650 to $1300 but of course this based on the varying amenities these larger complexes can offer. Any tips on how to get the most bang for my buck? Should I market towards single families a bit more than the college crowd? How have some of you been able to get the exact rent you wanted if not more?
Thanks a million,
Jasmine