Did you know that the average studio apartment goes for $824 per month in Pittsburgh?
For those of you that live in an area like San Francisco, you may laugh at that price. However, those that live in rural Alabama may think that is a lot of money.
If you are someone that wants to rent an apartment or even buy a property to rent out, you may be wondering what goes into a rental valuation. Well, these are some of the biggest factors when it comes to rental valuations.
Size of Homes
The first thing that you have to consider when it comes to a rental valuation is the size of the home. As one might conclude, it is going to cost more money if you require a larger space in the same general area in most circumstances.
Let's look at the above link for an example. While you can get an average studio for $824 per month in Pittsburgh, you are going to need to shell out almost double that money if you need four bedrooms in your apartment. That has an average cost of nearly $1,500 per month.
With that in mind, think long and hard about how big of an apartment or home you are going to need as an investor. What kind of audience are you trying to attract, and how large of a market do you have to work with?
Age of Homes
Another thing that you need to consider is how old the home or apartment building is. This comes into play not only with the aesthetics of the building but also with how the home functions.
For example, more modern homes have open-kitchen concepts rather than having a kitchen closed off from every other room in the house. So, if you have an older home, it may take some renovations to keep up with the modern market.
There can also be other functions such as the electric wiring, the plumbing, access to other modern amenities, and how much maintenance the building needs.
Finally, you are going to want to consider what neighborhood a home is located in. While Pittsburgh can narrow it down, there are good and bad neighborhoods to live in every city.
One of the biggest factors when it comes to neighborhoods is how safe they are. In Pittsburgh, this means that people may want to live in Regent Square because it had the least violent crimes reported. This is a contrast to the Central Business District, which had the most violent crimes reported.
Get a Rental Valuation
These are some of the biggest things that you need to know about rental valuation. Factor in how big of a home you have, the age of that home, and how desirable your neighborhood is. Then, you should be able to get an accurate rental valuation.
Do you want a Pittsburgh rental valuation? Message us to see how we can help you today.