How Much Is Your Rental Property Worth On The Local Market?

over 1 year ago
How Much Is Your Rental Property Worth On The Local Market?

Setting the right asking price is absolutely crucial if you want your property to stand out and generate interest from prospective tenants.
The wrong price (either too high or too low) will deter renters from making an enquiry.
With fewer enquiries, you won’t be able to book in as many in-person and virtual viewings. It’ll therefore be less likely that you receive offers and it will take a lot longer to let your property or even rent it out at all.
An experienced letting agency will be able to provide you with all the guidance you need to work out the right rental value and start attracting eager tenants from the get-go.
So, how do you determine the rental value of a property?
Take local and national rental trends into account
Gauging current levels of activity and price growth on a local and national level can help you to set a rental value which prospective tenants deem realistic and in line with their expectations.
Historical lets can be a good indicator
It’s important to look closely at historic and current comparable listings in your area as this will show what tenants are willing to pay, not just what landlords expect.
What are tenants looking for?
If you know what features are popular with tenants at the moment – i.e. work from home space and gardens – this can help you to set the right rental value for your property.
Think about the location of your property
Location, location, location remains all-important to the majority of tenants. Therefore, your asking rent is likely to be informed by factors such as local infrastructure, transport links, green space and amenities.
How is the market performing?
If demand from prospective tenants is high, you could price your property slightly above average in the hope an eager renter will be keen to beat the competition and snap up your property. Alternatively, if the market is slow, you will need to price your property more economically to make sure it still attracts interest.
Being greedy will get you nowhere
The golden rule of pricing a property to let. It can be hard to take an objective view of your investment, which is where the help of a letting agent becomes invaluable. If your rental price is too high, it could prolong the lettings process and you may need to reduce the price on several occasions.
If you let your property with us, we’ll be able to advise you on all of the above to ensure that your rental price is set at the right level so you have the greatest chance of letting quickly and for the best possible price.

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