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Morris Invest’s Real Estate Wisdom: A Blog for Savvy Investors

The Driving Factors Behind the Ability to Charge Higher Rental Rates

The Driving Factors Behind the Ability to Charge Higher Rental Rates

As a landlord, it's essential to recognize opportunities that will allow you to charge higher rental rates. Why is this the case? Because the rate will directly impact your income and, therefore, your return on investment. Plus, being able to identify when certain factors justify upping the rent can ultimately keep you on track for profitability and financial independence. That said, here's a glimpse into how to get your rental rate where it should be: How can I charge higher rental rates? Setting a higher rate can be justified by an increase during a tenant turnover, owning a property in a desirable location with a high demand for rentals, or by offering a newly built property. Also, rent can rise when there's a growth in home prices or during periods of inflation. Key Elements that Justify...

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