How much rent should you charge for your property?
Setting the right rental asking price is key to making a great return on your investment.
Pick a figure that is below its true value and you will fail to maximise its potential, but pitch your house or flat to rent too high and you could struggle to let it and experience costly voids.
There are numerous factors to consider before determining exactly what your property is worth on the rental market.
- The current state of the local market
- Proximity to schools or major workplaces
- Whether the property is furnished or unfurnished
- Number of bedrooms and bathrooms
- Condition of the property
Michael Cook, Romans’ Lettings Managing Director explains; “Ultimately, market demand will determine the perfect rent for your property. Working with a local lettings expert is the best way to ensure you have access to expert insight into the exact level of demand for a home like yours at any time.
“When there is high demand you will be able to charge more, whereas in periods of lower demand you may have to lower the rent.
“A good local letting agent will advise you of the optimum asking price that means your property attracts quality tenants willing to pay a great rent while ensuring you maximise your return. An agent can also work with you to calculate the rent you require in order to cover your outgoings and make a profit.”