If you’re a landlord, you understand the challenge of setting the rent price for your rental property.
Sure, you want to cover all your expenses, from the property’s mortgage to repairs. And you want to end up with a positive cash flow, money to cover your time and generate profit on your investment. But the problem remains: if you price rent too low, you lose out on revenue. If you price rent too high, your rental may sit vacant for weeks or months.
You might feel tempted to maximize your cash flow by boosting the rent price, but that strategy can backfire. A sky-high rent amount could alienate prospective tenants—especially if it doesn’t fit the neighborhood or the property—which can lead to vacancies. If your property sits empty for even a month, your profits will dwindle. Vacancy is the number one reason landlords lose money on rentals, so make sure your rental is priced competitively.
How to set the right rent price?
Do your research. Talk to fellow landlords and study comparable rental properties—places with the same number of bedrooms, bathrooms, square footage, and similar conditions to your rental.
We know it takes time to do the research, so we’ve made it simple for you to access local data in an easy-to-read report. Our new Rental Analysis reports will help you calculate your rent price with total confidence.
For $19.99, a Rental Analysis report does the work for you. In minutes, you’ll get a recommended rent estimate for your rental property based on comparable rentals in the area, along with a confidence score for that estimate. Consider it your rent calculator.
With a Rental Analysis report, you’ll know exactly how much you can charge for rent.
After reading their Rental Analysis reports and seeing their rent estimate, some Cozy landlords discovered their rent amounts were under market rate by several hundred dollars, so they adjusted their rents accordingly. Even landlords who found they’re charging the right rent amount learned about their rental markets with a Rental Analysis report.
More than just a rent estimate
Because we believe landlords should make decisions based on reliable data, each Rental Analysis report includes more than just an estimated rent price. Your report includes valuable info, including:
- Details about the comparable rentals in the area
- Area market trends
- Local vacancy rates
This info will educate you about your current property, so you can make informed decisions about pricing and marketing your rental, and evaluate future investment properties.
Get your Rental Analysis report
If you’re setting up a property listing through Cozy, or already have property listings in Cozy, it’s easy to get a Rental Analysis report. Start by signing into Cozy.
If you already have Cozy listings:
- Go to your Cozy Listings page.
- Click “edit listing.”
- Find the lease section with the monthly rent amount and click “edit.”
- Order your Rental Analysis report.
We hope our Rental Analysis reports will help you become a more informed and efficient landlord!
We’re improving Cozy all the time, and we couldn’t do it without hearing from our customers. Is there anything you think would make Cozy better? Let us know at email@example.com.