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Updated almost 2 years ago,
How to assess renter demand
Hello,
I purchased my first property (a condo) in Atlanta, GA last May. The condo is in decent condition and has no major issues but it is outdated and could use some renovations. So far, I have just furnished the unit but haven't made any major renovations to it. My goal is to live here for 2-3 years and then rent my unit to a tenant. I have a few questions, see below:
1. How do I gauge tenant interest? I want to see if there are people who would be willing to rent my condo as is, or if I need to make renovations to get any interest. I only want to make renovations if it can help me raise rent prices or get more tenant interest
2. How do I determine how much this property can rent for? I don't see any condos in my area that are being rented, only apartments. The apartments are all new construction and have a lot of amenities and my condo is older (built in the 90s) so I don't think the apartment rents would be accurate for comparison.
I appreciate any help! Thanks