The rate at which rents have risen during 2016 has been slower than previous years. However, things are about to change with rents set to increase, due to many Landlords facing increased costs as a result of a series of legislation changes introduced by the Government.
Of course all Landlords want to make a decent income from their property, but if they set the rent too low Landlords risk not covering their costs, if they set the rent too high, tenants might be put off, especially if there are lots of properties to choose from. So it is essential for landlords to get the rent they charge right- an attractive rent for the tenant, which still gives a good return.
When assessing the amount of rent to charge, consider the following:
Type of property: generally a house with a garden will command a higher rent than an apartment. The number of bedrooms and bathrooms and whether the property is partly furnished or completely unfurnished will also have an impact on the rentable value.
Location of the property. The postcode of your property will have a big impact on rent. Also access to good local schools, recreational facilities, shops and parking availability will all need to be taken into consideration when setting the rent
Condition of the property. Properties that are well maintained and tastefully fitted out will always be in demand and command higher rents.
To get an idea of what rent other landlords are charging for similar properties in the same area check out some property websites, such as Rightmove. Or seek professional advice for up-to-date market information.
At Peter Robinson & Co. we have 30 years of experience helping landlords and property investors. Our highly qualified and professional team of advisors can expertly handle all Landlord and Tenant related issues.
For assistance call Peter Robinson & Co. now on 0161 678 7996.