What’s the right price to rent your home?
There are a lot of factors to consider when deciding how much to rent your home for during the Masters Golf Tournament in Augusta, Georgia. There isn’t a general rule of thumb when it comes to this, as it is entirely determined on an individual basis. But remember, being competitive in the price of your home will aid in the rental of your property. Below, Masters Housing Bureau presents some things to consider when pricing your home for rent.
Things to Consider:
- Number of bedrooms and bathrooms
Most people that rent their homes charge based on the number of bedrooms and bathrooms present in the house. You can charge per bedroom and full bath or include a fee if your house includes half baths. If your home has four or more bedrooms, a daily maid service is required. This is something to definitely take into account when figuring out your rental rate.
You should also think about the length of the stay in relation to the number of bedrooms and bathrooms. The longer the stay, the more frequently or thoroughly the property will have to be cleaned.
- Amenities in the home
The various amenities you have in your home could also sway the rate you charge in a higher direction. Pool tables, hot tubs, outdoor pools, and outdoor kitchens are luxury amenities that are highly sought after by prospective renters. You also must consider that these amenities can either become worn or possibly take damage during a stay. Ensure that you either have insurance for these luxuries or adjust your rental price to take these possibilities into account.
- Property Type
There are three types of homes to rent based on the level of social activity expected for the property. A host home is a good idea if your guest plans to host large groups or receptions for guests and clients. A dinner home is suitable for small dinner evenings or small business gatherings. A sleeper home is akin to an upscale hotel and is more appropriate for even smaller, intimate gatherings when compared to a dinner home.
With this knowledge, determine what level your home is prepared to be categorized as and investigate the normal prices for your home’s type. If you would like more information on the types of homes, visit our Types of Homes page.
- Distance from the Augusta National
Your home’s distance from the Augusta National needs to be considered when pricing your home, because the distance determines how much a person will spend on travel to and from the Masters Golf Tournament. Most often, houses or condos closer to the event are more expensive, but prices even out if a larger home in a gated or amenity-filled community is available a bit farther away from the event.
- Competition
When we say competition, we mean what are other homes in your neighborhood or surrounding area renting for? It’s a smart idea to ask neighbors or friends you have in the area what they would rent their home for or if they know people in the area who rent out their homes for the Golf Tournament.
Competition can also imply that you’re competing with other people in your neighborhood and people across the city of Augusta to prove that your house is the one that should be rented. Research the other houses available for rent and find out what makes your house stand out from amongst the competition. Include unique distinctions and amenities that your house sports to your listing to really make it pop.
- Taxes & Fees
It is necessary to be aware of the various taxes and fees associated with an endeavor like renting your house. The general 8% sales tax is a given, but this year, several new taxes were implemented by local communities. This will, in turn, affect your home rental price.
An accommodation tax has been instituted, and it is 6% in Richmond County and 5% in Columbia County. There is also a lodging fee of $6 per night in Richmond County and $5 per night in Columbia County.
We hope this helps you narrow down a price for your house to rent. If you have any questions, don’t hesitate to contact us by phone or through our contact form here. As Augusta’s only rental agency associated with and sanctioned by the Augusta National Golf Club, we offer an unmatched experience brokering the widest range of homes for every budget and every client.