When you are determining how much rent to charge for your property, you need to understand how much your Marin County property is worth. The rental market is primarily driven by three factors: location, timing, and amenities and finishes.
Pricing Your Rental Home: Location
When it comes to location, the school district in which your property is located will really drive your rental price in Marin. If you’re in a positive school district that consistently ranks a 9 out of 10 or a 10 out of 10, you’ll be able to price your home on the higher end of the spectrum. Those properties located closer to San Francisco are also going to be priced a little higher.
Pricing Your Rental Home: Amenities and Finishes
Another main driver with price will be the amenities offered by your property and the way the finishes look. Updated homes with stainless steel, granite countertops, and blown out kitchens and bathrooms will be more attractive to tenants. They will spend fewer days on the market, and they will rent for more.
Pricing Your Rental Home: Timing
Market timing is huge. Properties listed on the market in spring and summer months will get the highest rental rates. Research has shown that any properties marketed between March and June will be on the market for a shorter period, and they’ll get more rental income. Location is still the main force behind pricing. Homes closer to downtown San Francisco in southern Marin are $2.50 to $3.00 per square foot. Downtown, the prices are even higher. If the amenities are nice, they will earn between $3.50 and 4.00 per square foot. In Menlo and northern Marin County, you can expect $2.00 or $2.25 per square foot, and in the very north with great finishes, you will see prices at $1.85 to $2.00 per square foot. If you have any questions about pricing your property or anything pertaining to property management in Marin County, please contact us at Foundation Rentals.