How Your Landlord Calculates Rent

How Your Landlord Calculates Rent

There are many factors that go into the typical landlord’s determining of rent and apartment value. Not all are financial, but the beginning factors of deciding a fair price are evaluating the market, along with overhead costs.

 

Similar to purchasing a house, many landlords will look at comparable properties in the neighboring area. To be comparable, a neighboring apartment will have similar square footage, room counts, and amenities. Landlords can also evaluate apartment buildings in other neighborhoods that are comparable sizes, and then take into account a difference in neighborhoods. The surrounding neighborhood can increase or decrease the rent value for reasons such as park and school accessibility, transit, cleanliness, even the local nightlife.

 

Once this has been established, many landlords choose to compare the rent, or range of rent prices, to the Housing and Urban Developments annual fair market rental report. This report is used to illustrate how rent prices relate to the types of apartments available, along with the local markets. Supply and demand is also a very common factor when determining rent price, particularly in an area where rental property competition is either very high or very low. This does not necessarily mean that a high demand will drive the prices up too much, as it can be extremely unprofitable for a landlord to have frequent turnover.

 

Next, overhead costs will play a large part into how much an apartment can be rented for. A landlord will have many overhead costs, some which are quite expensive or even unpredictable. Mortgage of the overall building will be used to calculate rent, along with utilities that must be paid, property taxes, and insurance. All of these expenses must be covered by the combined rent of all units on the property, taking into account that vacancies will occur in between occupants.

 

Unforeseen expenses are more difficult to calculate, but are equally important to take into account when determining rent of a unit. The landlord must be able to provide their tenants with basic amenities, especially those of which were previously agreed upon such as a working refrigerator. Unforeseen events can also lead to expenses, such as fires or gas leaks, which the landlord are responsible for fixing using the obtained rent money.

 

Last, many landlords take into account their occupants themselves. In fact, many landlords who live in the same building as their tenants, or owners of smaller properties, are known to be reasonable in order to maintain a relationship with their tenants.

 

All in all, there are many different factors used to calculate the monthly price of any rental. Landlords may calculate the rent differently based on neighborhood, type of building, and even the landlord’s own proximity to the units. Ultimately, a good landlord will weigh all of the factors to determine a fair and affordable rate, which also covers necessary expenses with a safety net.

 

3 Influential Entrepreneurs of the 21st Century

3 Influential Entrepreneurs of the 21st Century

Throughout history, our culture and many industries have been shaped by those who pioneered new ideas. These entrepreneurs have changed the industries of technology, finance, and much more. Often a rags-to-riches story, these innovators have led the way in their field, making everyday life that much easier for most of the world. From the founders of online search engines to talk-show hosts, entrepreneurs of all fields have impacted our world in a way that will forever change it.

 

Oprah Winfrey

Though her success began in the late 90s, Ms. Winfrey has been a household name throughout the first two decades of the 21st century. Growing up in extreme poverty, Oprah faced many challenges due to her demographic. As she broke through at the local level of media, she was quickly notices by television and radio executive. Finally getting her own television show which ran for over 25 years, Oprah also became a leader in the media industry as a whole. Starting her own production company, Harpo Studios, she laid the foundation that was bound for success. Now as a owner of Weight Watchers, her own television network, a line of health foods, and a world-renowned book club, her legacy is solidified as an influencer for women around the world.

 

Jeff Bezos

Not a day goes by where millions of people around the world take care of their shopping needs on Amazon.com. It is crazy to think that founder of the online site, simply wanted to provide readers a place to order books without heading into the bookstore. Now, as the wealthiest man in the world, Amazon founder and CEO, Jeff Bezos is living the dream. What started out as a business  idea that he wrote during a cross country trip, turned into one of the most visited websites in all of the world. Now selling everything from groceries to appliances, Amazon is a site that will likely not diminish anytime soon.

 

Steve Jobs

It is hard to make a list of successful entrepreneurs without mentioning the founder of Apple. Though he sadly was taken from the world before seeing the true impact that his work has made, Jobs changed the technology game for likely the rest of our time on earth. His innovation of all Apple products has allowed people to do their jobs, live, and communicate in ways that were never imagined before. His forward-thinking is what allowed him to be so successful and his humble nature is what makes him someone who aspiring leaders should look up to.

Non Profit Spotlight: Juvenile Diabetes Research Foundation – JDRF

Non Profit Spotlight: Juvenile Diabetes Research Foundation – JDRF

The Juvenile Diabetes Research Foundation or JDRF is dedicated to supporting patients with Type 1 or juvenile onset diabetes and their families. The foundation also promotes research toward eliminating the disease and advocates for legislative support for patients and families. Since its inception, JDRF has contributed $2 billion in research funding toward the disease.

Research

Through its fundraising activities, JDRF helps to pay for life-saving research into the causes and prevention of juvenile diabetes, as well as daily management of its symptoms. The organization is currently involved in several different research fronts, including the artificial pancreas and beta cell replacement.

The artificial pancreas is a new medical device that provides blood sugar control 24 hours a day. Monitoring blood sugar levels, the device provides the patient with a targeted amount of insulin and other hormones to stabilize the patient. This device has the potential to greatly simplify the lives of Type 1 diabetics.

With beta cell replacement, patients may be able to stabilize their condition for months at a time. The small implant delivers insulin-producing cells directly into the bloodstream. When approved, this implant will revolutionalize diabetes treatment.

Advocacy

JDRF is an important voice for patients and their families, encouraging lawmakers to consider the needs of Type 1 diabetics when making health care and financial decisions. JDRF is also involved in securing research funding through government programs. The organization has also been a strong supporter of protections for pre-existing conditions, benefiting not just Type 1 diabetes sufferers, but patients with all chronic diseases.

Recently, their Coverage2Control program has successfully persuaded some of the largest insurance companies to cover the artificial pancreas system. The JDRF also supported the coverage of insulin replacement systems through Medicare.

Family Support

JDRF is involved in providing day-to-day support for patients and their doctors. The JDRF web site features a wealth of health care information for child and adult patients with the condition. The web site provides one-on-one support for patients as well as hosting online support groups. The web site also has a section focused on the day-to-day care of the disease, including symptoms and treatments.

Leadership for the Community

Combining research, advocacy, and patient support, the Juvenile Diabetes Research Foundation is an invaluable part of the medical community. Its research promotes better living for patients with the condition.

3 Tips for Being a Better Property Owner

3 Tips for Being a Better Property Owner

Owning real estate is one of the most important things that anyone can do for their financial future. People are getting excited about the idea of investing in real estate over the next few years.  In many markets around the country, investors can make money using server channels. Not only can they buy a home and quickly sell it, but you can also rent to tenants. However, in order to have a lot of success with real estate, you need to takes steps to become the best property owner possible.

 

Maintenance

One of the most important aspects of owning a home is conducting quality maintenance checks throughout the year. There are some people who wrongly assume that maintenance checks will cost money. Although there is a small expense at the time of the maintenance check, it smarter, financially, to find an issue in the beginning. Not only is it easier to fix, but often costs less than waiting to make the adjustments.  If you want your properties to last for a long time, make sure to work with a trusted and establishes maintenance company in the area.

 

Screening Tenants

Another important aspect of owning a property is properly screening tenants. Plenty of people  who wrongly assume that this is a waste of time. However, the more time that you spend screening tenants, the less time you will have to spend dealing with complications down the line.

Some property owners wrongly assume that all tenants are the same. In reality, there are quite a few warning signs that a person is going to be difficult to deal with when it comes to renting. If someone has a poor credit history, chances are high that they are going to miss rent payments with your property.

 

Research Carefully

If you want to make money in real estate, one of the most important things that you can do is research the local area. If you purchase a home in a growing area, you will be able to experience an appreciation of gains in the future.

Many believe that appreciation gains are based on luck. However, it often boils down to completing an abundance of local research and buying in a growing area. Now is the time to look at different property options as to where you can purchase a home.

 

Top Real Estate Investment Markets of 2017

Top Real Estate Investment Markets of 2017

Across the country, real estate prices are continuing to increase. In an effort to increase income and financial freedom, people are poking an interest in real estate investing. Some of these real estate investment markets are growing at a more rapid pace than others. In such areas, competition for locking down a property is higher than ever before.

 

Nashville

Nashville quickly became one of the most popular cities in the country to visit this year. Not only are entertainment options plentiful, but the economy is also booming. Many people are excited about the economic growth taking place in the city, which is causing an increase in demand for property. The state of Tennessee has no income tax, which is another appeal for investors.

Nashville has obtained an abundance of companies who have chosen to relocated their facilities. This is increasing the number of jobs available to workers in the city, which ultimately causes a larger need for housing. Nashville is a great place to purchase real estate and people are noticing. Real estate investors are starting to flip homes for a profit. Before buying a home in this area, make sure to conduct proper research in the field. This is the best way to find a property that meets your needs.

 

San Francisco

Another booming real estate market is in San Francisco. Over the past few years, thousands of people have moved to the area in search of tech-related jobs and a relaxed lifestyle. This has caused the housing market to skyrocket and as an investor, getting in on the ground floor was crucial. Another factor contributing to increasing housing prices is the foreign investment in real estate. In San Francisco, it is not uncommon to see one home get dozens of offers within minutes of it hitting the market. Now is one of the best times to sell a property for the first time in a long time. Investors know this and are often willing to pay higher rates for a property.

Denver

Denver has been a hot housing market for a few years now. Not only is this area growing, but new companies are choosing Denver as their headquarters. As a frontier for the cannabis industry, Colorado cities are making people consider a move to the state. There were times when Colorado was seeing little to no population growth. So these past few years have been an exciting time for the state Today, Denver is one of the hottest housing markets in the country. If you want to invest in real estate in this city, you need to work with a local real estate agent who knows the area.