The average cost of renting a one-bedroom apartment in Akron's city center is $619 a month. However, this is just one area of Akron. Unless your rental property is in this area, you shouldn't consider this average when doing a rental valuation.
The rent that you can charge may be higher than this. Well, technically you can always charge a higher rent than what's fair in the surrounding area. But just because you can, it doesn't mean you should.
"Landlords should charge whatever they want" is just one of the myths on our rental property pricing myths list. Read on to learn more about it and a few more.
Myth: Landlords Should Charge What They Want
No, they shouldn't. If they set the rental price too high, very few renters will be interested. They'll go to more reasonably priced rental properties instead.
What is "reasonable" rental pricing? Part of it has to do with the prices of other properties in the area. Landlords should look at the rental prices of other properties in the area and use that to set their own.
However, landlords may charge a bit more if their property is bigger, closer to amenities, etc.
Myth: Landlords Can Raise Rents Whenever
Say your tenant increases their income by a high amount. Would you be able to perform a rental price increase to meet that income? This depends on the situation.
In Ohio, landlords cannot raise rents in the middle of a lease. They should also notify the tenant of the rent increase within a reasonable amount of time. A 30-day notice is usually the most reasonable.
Ohio doesn't have any limits on how much you can increase the rent. However, your tenants can choose to leave within those 30 days. In addition, the profit loss you take on from a vacant property can be a hard financial hit.
Myth: Landlords Are Best at Valuing Rentals
Landlords can value their rental properties. They can access the tons of information available about the process online. This may help them set the price of their rent at a reasonable amount.
However, having this information won't automatically make them the best at rental valuation. There are plenty of other entities that may do better.
For example, many property management companies have workers with years of rental market experience. Many landlords are new to property management. These landlords may be better off working with these companies.
Try a Free Rental Valuation With Us
As you can see, landlords are fairly limited in how much they can charge for rent. They need to make sure that their prices are reasonable for the area and the type of rental property they're offering. If they can't trust themselves to do this well, they must ask another entity like a property management company to take over.
We can be that property management company. We're a full-service property management company that serves the Akron area. Our office is locally owned and independently operated.
Get a free rental valuation from us today by putting in your property's address on this page.