How do i correctly price my home for rent?

General Chat
1

Hi Please can anyone offer any help and advice on how to correctly price my home for rent?

2

Look for similar properties to rent on Rightmove and Openrent or ask a letting agent to give you a price.

3

In addition to what David122 has suggested Openrent has a rental calculator.

Best!

4

hi there isnt anything similar or close to compare.

5

just tried this thank you

6

As @David122 says, you should look at similar properties currently available on Rightmove and OpenRent, or ask a local letting agent to give you their rental valuation. My advice would be to compare a few similar properties and see what they’re actually being marketed for before deciding on your asking rent.

7

  1. You should know what your costs are. Work out what you need to charge to make a gross return of 6% (national average is 5.8%). You should have done that before buying a property- otherwise how do you know it was worth it compared with other investments? If you cant make that consider selling

  2. And look at similar properties on rightmove, zoopla and Openrent (filter to include those already let, and use a wider distance eg 1mile or 3miles, not just the postcode, or just use first part of postcode) . Also online valuation tools (Openrent, zoopla etc)

  3. Ask some local agents to come and value it

4 Decide what sort of tenants you are willing to accept. If including those getting the housing part of UC, use the lha rate as that tells you the max they can get for a postcode, if they are entitled to the number of bedrooms in your property

.(Not a good idea to charge more as they have to find the difference and are poor already or wouldn’t be getting UC)

If students you can maybe expect them to move annually rather the 3y average for tenants , so higher annual costs for advertising, more void periods etc

Think if want to advertise as allowing pets (and charge a bit more to cover potential damage)

Think if including utilities (personally i wouldnt) if so charge more

Think if want to advertise as suitable for families as children may mean changes to make child safe etc. Equally they may stay longer…

Good luck

8

Thank you for your detailed response, its quite a unique property for the area and feel the price what i feel is worth is not going to be achieved.

9

Do not be greedy . It will come back to bite you

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10

What you ‘feel it’s worth’ is irrelevant. You price it according to what it can actually get otherwise you are paying a big cost in void empty periods.

Lots of overpriced properties wont sell

Best

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11

How have you reached this price? There has to be a baseline

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