How to set the rental rate (part 1)
An important aspect of your rental property, is to set the monthly rental rate at the correct level to ensure that you attract good tenants.
Setting the monthly rental rate of your property is a function of the market rentals in your area. You should therefore look at other properties that are available for rent and how much they are being let for.
Next, you should do a comparison in terms of the finishes, the style and what each property offers. You can then determine what the appropriate rental rate for your property will be.
It is always best to work with an experienced rental agent who will have knowledge of the local market conditions and can help you set the correct monthly rate. Setting it too high will deter prospective tenants, but setting it at the correct rate, will mean that you can attract tenants.
20 Sep 2018
Author Seeff
Setting the monthly rental rate of your property is a function of the market rentals in your area. You should therefore look at other properties that are available for rent and how much they are being let for.
Next, you should do a comparison in terms of the finishes, the style and what each property offers. You can then determine what the appropriate rental rate for your property will be.
It is always best to work with an experienced rental agent who will have knowledge of the local market conditions and can help you set the correct monthly rate. Setting it too high will deter prospective tenants, but setting it at the correct rate, will mean that you can attract tenants.
20 Sep 2018
Author Seeff