When was the last time you raised the rents on your Silicon Valley rentals? Do you know how much increase is safe?
Well, to find the safe but maximum amount of rent to charge for your San Jose, Campbell, Los Gatos and Saratoga properties requires some good analytics about the rents in your immediate area. I fact, you indeed need an expensive Rental Survey.
But what if you did not want to pay for an expensive rental survey? Well, you can use RentoMeter which is neat site that will give you a quick-and-dirty rental survey.
Use the data from RentoMeter to explore an increase since:
1) Demand: The demand for rental properties in San Jose, Los Gatos, Campbell and Saratoga far exceeds the supply.
2) Last Increase: If you have not increased you rent in the past 24 months, then you are leaving money on the table. Rents have increase double digits in the last 12 months alone.
3) Deferred Maintenance: If you are anticipating repairs to your Silicon Valley rental, then it’s wise to consider an increase in your rent to create a reserve fund for your repairs. You can use these funds to repair your roof or pay for major upgrades within a year.
4) Emergency Fund: Depending on the size of your rental assets, you need to allocate some emergency funds for fire, water and other unforseen damages that require immediate access to repair funds. Granted your property is insured, but you want to be at the mercy of an insurance adjuster to process and pay your damage claim.
Let us know if you need help determining your rent increase for your Silicon Valley rentals.