by Arbors Management, Inc. | May 10, 2019 | Blog, Investment Rental Property, Property Management Education
Every Investor’s Burning Question
Much like snowflakes, every rental property is unique.
But, while you might have an idea of how much your investment property is worth, you still have to ask yourself:
In reality, how much rent can I actually earn from my property?
The answer to this question is based on a number of factors:
- The Pittsburgh rental market
- Property location & pricing
- Size and condition of the property
Some of these factors are within your control, while others are not.
Let’s take a look at how each of these factors plays a role in determining your rental property’s value and what you can do to maximize your rental income.
The Pittsburgh Rental Market
One of the things you have no control over is the strength of the current rental market.
Obviously, you’ll hope to earn enough to cover your mortgage and other expenses, all while earning a bit of extra cash every month.
But ultimately, the price you place on your rental home will depend on what’s going on in the rental market – and whether there’s a demand for homes like yours.
Before you price your property, make sure you take a look at the market.
Get to know what homes similar to yours and in your area are renting for.
Do a comparative analysis so you know how your own home measures up.
The whims and preferences of renters often change, and residents are more educated than ever; qualified renters won’t be willing to pay more than what the market dictates.
Property Location and Pricing
Another consideration is location; your property’s location will influence its price.
If you have a single-family home in a neighborhood with a good school system, you’ll be able to charge a lot more than if your property was in a less desirable zip code without access to good schools, commuter routes, shopping, and recreation.
As a general note, properties that are more remote will often rent for less.
Once you’ve bought a property, you don’t have much control over its location; but, location is something to take into account when you’re considering an investment.
Size and Condition of the Property
The size of your home will also impact the price.
For single-family homes, a three-bedroom, two-bathroom home is usually going to earn more than a home with just one bathroom or two bedrooms.
However, a condo or loft space downtown doesn’t need the three bedrooms in order to bring in top dollar rents. In that case, amenities will make more of a difference.
Property condition is actually a factor that you can control; when you allow your property to look worn out and run down, you’re losing rent money.
When considering the condition of your property, an important question to ask yourself is, “Would I live here?”
If your answer is no, you may need to consider some strategic renovations or upgrades that could make your property more desirable.
You’ll be able to charge more in rent when you provide fresh paint, new floors, and even simple improvements like new faucets in the kitchen and bathrooms.
Replace your drawer pulls with brushed nickel, install better lighting, invest in replacing old and nearly-broken appliances with energy-efficient models.
Not only will these minor investments raise your rent, they’ll also attract better residents.
Need Personalized Advice on How Much to Charge in Rent?
We can help!
We’re experts in pricing rental properties in the Pittsburg market. Contact us at Arbors Management for a free consultation and to learn more today!
by Arbors Management, Inc. | May 29, 2018 | Blog
Arbors Management is a full-service residential property management company serving Pittsburgh and the surrounding areas. You may be asking yourself: who are we? And, what do we do?
We focus on single family homes, multi-unit complexes, and HOA and condo associations. (more…)
by Arbors Management, Inc. | Mar 21, 2018 | Testimonials
I’ve been with Arbors Management since March 1 2017 no complaints so far call maintenance they are right here to fix anything. I could see myself here another year and more and I would recommend others to them
by Arbors Management, Inc. | Mar 21, 2018 | Testimonials
I have now lived at this apartment complex for 2 years and on going, I have ALWAYS had pleasant experiences with the manager and the maintenance men. It’s so nice when having to go threw the hassle of renting to have such kind and understanding people to work with.
by Arbors Management, Inc. | Mar 21, 2018 | Testimonials
I have lived in a home for 1.5 years managed by arbors and so far they have been great! I’ve encountered several small issues that needed addressed and they were always quick to respond and have someone come out to deal with the problem. Very happy so far!
by Arbors Management, Inc. | Mar 4, 2016 | Press Releases
Commencement celebrated with over 200 attendees and concluded with commencement speech by Christopher Wagner and diploma ceremony.
Monroeville, PA, February 25, 2016 – Triangle Tech of Pittsburgh celebrated its graduating class in a commencement ceremony held at the Chadwick, in Wexford, PA. The Ceremony was extremely well attended by 36 graduates as well as family, friends and faculty, bringing the total attendance to over 200 guests.
The event started at 6:30pm and included a wonderful buffet dinner, speeches by directors and faculty, awards, and a commencement speech by Christopher Wagner, President of Arbors Management, Inc. The evening concluded with the diploma ceremony.
Mr. Wagner congratulated the graduates on their achievements and spoke on trades and employment throughout history and today. He drew upon his vast experience in the Property Management Industry and gave some advice to the graduates about entering the workplace.
“What a wonderful, caring organization. It is very easy to see how much the leadership, faculty and staff truly care about each individual student. It was such an honor to be part of their commencement.” stated Mr. Wagner when asked about the event.
Arbors Management, and its subsidiary, Finish Line Maintenance, see the value in graduates from Triangle Tech and have recruited them for positions within their respective companies.
About Arbors Management
Lasting Reliability
Arbors Management, Inc. is one of the oldest and largest property management firms in Western Pennsylvania and West Virginia. Founded in 1982, Arbors Management has continued to offer high quality services and has maintained its fine reputation for care and concern for its residents and property owners. Over the past 30 years, the company has developed a proven, hands-on approach to property management that is unparalleled in the industry.
Professional Management
Arbors Management employs over 100 professionals dedicating their efforts to the fiscal and physical management of residential, commercial, and condominium properties. Through our years of experience with highly qualified managers and accounting staff, Arbors Management, Inc. provides the management industry with a hassle-free and dependable property management firm.
With Arbors Management, you have our pledge, “To do what is best to maintain the quality of properties we manage and to find new and better ways to make the management of that property effective and efficient – thus improving the investment for the owners and creating a sense of home for the residents”
In Picture from L to R: Christopher Wagner (President of Arbors Management Inc.), Kevin Schifino (Assistant Director of Triangle Tech), Kendall Thomas (Acting School Director of Triangle Tech)
Press Contact:
Thea Marcoux, Director of Marketing
(412) 927-5316
Email: theam@arbors.com
by Arbors Management, Inc. | Feb 17, 2016 | Testimonials
My experience with Arbors Management was simply top notch. Although this was a really challenging year, I never once had to worry for myself of my children about housing. THANK YOU Arbors, for your flexibility with the initial lease terms, the renewal, the minor repairs (all of your providers were really friendly and great), the move out (Crystal – awesome) and YOUR time too, Don! You respond quickly and truly make your residents feel important. Thank you!
Again – it was a difficult year – but working with Arbors was certainly a blessing.
by Arbors Management, Inc. | Jan 4, 2016 | Blog
Photo of front yard of home during the holidays with fresh snow fallen that morning
The first snowflakes are drifting to the ground. And as property owners and their management teams start preparing homes for winter, we wanted to share some thoughts with you, the residents, about what you can do to ensure a safe, warm winter and save some money on utilities, too.
Things you can do yourself:
- Keeping pipes clear – By turning on the faucets to a trickle on very cold nights, you can prevent damage that’s both inconvenient and expensive to repair. Also, find out where your water main shut-off is in case something does occur and it needs to be turned off.
- Keeping tabs on the thermostat – We all like to be comfortable, but there’s no need to spend the winter in shorts. Unless you have pets at home, make sure to turn down the thermostat when you are sleeping or not at home to avoid heating an empty space. When you are awake and about, try to keep the temperature around 68° F or so.
- Reducing drafts in your home – Windows and doors can be a major source of heat loss in the winter, especially if the weather stripping isn’t making a good seal. If you find the weather stripping is in need of repair, talk to your property manager and property owner about replacements. In the meantime, you can use “draft snakes” to keep the cold air out.
- Using the sun without solar panels – By opening your curtains or blinds when the sun is shining your windows, you can use the sun to help warm the air in your home and reduce energy costs. At night, keep the blinds closed and use insulated curtains to keep the warmth in.
There are some things, however, that are up to your property manager and property owner to address in order to get your home structurally safe and sound for the winter. These include everything from addressing outdoor faucets to removing weak tree limbs. Take some time to check in with the property manager to ensure these items will be addressed – if needed – before the first snow.
Things to talk to your property manager about:
- Turning off exterior faucets – If your home has exterior faucets, it’s important to turn them off properly for the winter to prevent the pipes from freezing. The water will need to be fully drained and (depending on the type of faucet) the indoor shut-off value should be turned off.
- Removing leaves and debris from around outdoor compressors – Vegetation, including leaves and branches, can block the intake for your HVAC system and turn the unit into an inefficient drain on your utilities budget. Clearing this debris, as well as changing the filter, can help keep the unit running at peak performance.
- Cleaning gutters – Ice and snow damns caused by clogged gutters can not only cause roof damage, but can also cause water damage to your attic and even the basement when things sure the gutters are checked and cleared before the first snow to prevent any issues.
- Checking your furnace – Issues with your furnace—even something as small as a dirty filter—can result in significant problems beyond poor performance. To avoid potentially expensive and even dangerous issues, make sure a tune-up is performed before it gets cold.
- Asking about snow removal – It’s important to get on the same page with your property manager about snow removal before the first storm arrives. Find out who is expected to be responsible for shoveling or plowing, where vehicles need to be parked so the snow can be easily removed, and so on.
- Pruning branches – We’ve all seen how much damage snow-laden trees can do if branches snap and fall, taking out utility lines and marring property. Check to make sure branches that are dead or that could otherwise cause trouble if they fall are addressed.
- Inspecting the chimney – If you live in a home that features a useable fireplace, make sure the property manager arranges to have it cleaned and inspected before its first use. This will prevent any possible fire and health hazards from occurring.
Remember, as a full-time resident you know the state of your home better than anyone. Work together with the property manager to identify challenges that need to be addressed, and help secure your home for a safe, cozy, and energy-efficient season.
by Arbors Management, Inc. | Nov 2, 2015 | Press Releases
by Arbors Management, Inc. | Oct 14, 2015 | Testimonials
I have worked with Arbors Management, specifically Tom Wagner, for about 6 years. Arbors always listened to what we needed and offered their experience and guidance. They were just a phone call away when needed.
