With rental properties in high demand and low interest rates on buy-to-let mortgages, investing in property to let remains a popular and effective way to generate an additional income stream making it one of the most popular ways to earn an income as a landlord.
That said, landlords are not without their challenges and one key challenge is how to set rent at the right price. Asking a suitable rental price that’s both fair to the tenant and fair to the landlord, will help ensure a property remains occupied, the tenants are happy to pay the going rate, and that the landlord receives a decent monthly income from their investment. Thus avoiding empty properties and void periods.
If you are thinking about becoming a landlord in 2018 and are unsure about what to charge in rent, take a look at the following several pointers you should consider to help set your rent at the right price. Our team of lettings specialists can advise you on the right price to set for your property and the level of service best suited to your circumstances. Find out how much you could let your property for now.
Keep an eye on the market
Rental prices, like house prices, fluctuate. The savviest of landlords keep an eye on their local rental market. Knowing what properties of a similar size and style are being let out for, means landlords can pitch their rent at the right price.
Look at long-term goals
It might be tempting to maximise on rental costs for short-term contracts, but this runs the risk of tenants leaving and the property being left empty in between contracts. Having a property let out for a long tenure with a satisfied tenant can make greater monetary sense than looking for quick, short-term ‘wins’.
Furnished or unfurnished?
Whether a property is let out furnished or unfurnished has an impact on what a landlord can charge in rent. Generally speaking, although a landlord may be able to ask slightly more for a furnished property, buying furniture to fit out the property can be expensive, and tenants often want to bring their own furniture with them.
Furthermore, when letting out an unfurnished property, the landlord has no concern over the wear and tear of the furniture.
That said, some landlords prefer to let their properties either fully or part-furnished, so they can cater for tenants required furnished properties. Either way, it is important landlords recognise that furnished properties might not necessarily bring in higher rental yields.
We have a range of service levels available to suit your individual needs and are dedicated to securing you the best possible price for your property, along with your ideal tenants. Our team of lettings specialists can advise you on the right price to set for your property and the level of service best suited to your circumstances. With step-by-step guidance from both our branch staff and central teams you can trust that you will be supported throughout your lettings process, leaving you free to enjoy the perks of being a landlord without having to worry about the day-to-day responsibility. Book your free market appraisal now and find out how we can help with your lettings requirements.