Pricing Your Unit in San Francisco – BanCal Property Management

November 6, 2020
HOW TO ESTABLISH YOUR UNIT’S RENTAL VALUE: Pricing Your Rental in a Competitive San Francisco Market - Article Banner
San Francisco is one of the most expensive rental markets in the country, and our rental prices are always under a microscope.  

Pricing your rental units can feel a bit overwhelming. You want to earn as much money as possible, and like all San Francisco landlords, you’re probably thinking about rent control restrictions and how to use your rental value to attract the best tenants.

The good news is – some things can be controlled. Property condition, building amenities, and upgrades will all contribute to a higher rental value.

The bad news is – some things are outside of your control. The rental market and your property’s location will have a huge impact on what you can charge.   

If you’re wondering how to settle on a price – we have some ideas to share.
rental property

How Much Can You Charge for Your Property?


Everyone is looking for value, including the residents in San Francisco who are searching for a new home. We recommend keeping your rental price competitive and offering the best residents something that they won’t find everywhere: exceptional customer service.

1. Pay Attention to San Francisco Rental Market Trends


While you want to price your unit as high as you can to optimize your earnings, you don’t want to go so high that you’re outside of what the market demands. This will only lengthen your vacancy time, and that’s going to be expensive. Pay attention to the market, which can change daily. 


How you price your home will depend on the competition: 


  • When there’s a high demand for units like yours, you can charge a little more. 
  • If your property is one of many just like it, you’ll need to be more competitive with your price, especially if you want to attract well-qualified tenants. 


Understanding the market and the residents in your area of San Francisco is critical. 


2. Location Always Matters in the San Francisco Rental Market

Castro

Your rental property’s location will always influence its price, so it’s not enough to understand the San Francisco rental market; you have to understand what’s happening in your unique neighborhood. 


The city is full of micro-markets, and prices can change dramatically from street to street and building to building. When you’re comparing your property and its price to others, make sure you’re sticking to the competition that is relevant. 

3. Consider Your Property’s Condition 

kitchen

Property condition is something that’s easy to control when it comes to pricing your unit. If your rental home is worn and run down or it’s in a building that needs a lot of new paint and landscaping, you’re losing rent money. 


Keep your unit well-maintained and attractive, and make sure the curb appeal is working in your favor.  

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, and when your appliances start to break down, don’t continue to repair them. Instead, replace them with energy-efficient models or stainless steel. 


These minor investments will not only raise your rent; they’ll also attract better tenants.


OUR RENTAL ANALYSIS

BanCal Property Management has been effectively pricing San Francisco rental properties since 1987. We understand what your home is worth and how it measures up in the market. 

At BanCal, we offer our owners a detailed market evaluation and a rental analysis that can tell you where your price should be. We work with reliable data and our unique insight into this market and all its nuances.


 To hear more about our services, please contact us. We also welcome your comments, questions, and suggestions for topics you want to learn about, so please share those too. 


 Thank you and we hope to hear from you soon.

Author - Kelli Smith

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