For any landlord planning to rent out a property, one of the most important things you have to consider is the amount of rent you should charge.
It can be one of the most difficult decisions involved in letting a property, and it’s crucial for you as a landlord to get it right – price it too low, and you won’t be achieving the margins you need, but price it too high, and you risk failing to attract tenants altogether.
If you think coming up with an appropriate rental figure sounds daunting, you’re not alone. But luckily, there is an easy way to get an accurate, educated answer to the question of what rent to charge, often within a matter of minutes.
Get a rental property valuation
That solution? A valuation of your rental property by an experienced, local lettings agent. By booking a free rental property valuation with a top, local agent, you will benefit from their in-depth knowledge of the local rental market.
A good agent will know the average prices for properties like yours, and will be able to identify any factors that could tip your price higher or lower than that average. They will also have a solid understanding of what prospective tenants in your area are looking for – as well as, crucially, what they are prepared to pay.
What affects rental property prices?
There are many different factors that impact rental rates, including:
- Property size
- Proximity to amenities
- Transport links.
The type of tenancy will also play a major role in the rental price – shorter-term lets are usually priced higher than longer-term tenancies.
The most influential aspect is the size and type of the property, and the number of bedrooms. For example, in Hampshire, you might find a two-bedroom flat for rent from around £600-950 per month, while the monthly rent for a four- or five-bedroom house can be several thousand pounds*.
The other key element to consider is location. Prices can vary hugely across a single county, making it very difficult to accurately judge the rental value of your property without expert input. Proximity to transport links, green space, and amenities such as supermarkets and schools can make a significant difference.
Beyond this, the overall square footage, number of bathrooms, amount of outdoor space and whether the property comes furnished will have an impact on the rental price. The condition and decorative standards should also be taken into account.
While analysing these factors can help you determine a rental range, this might still be broad. For example, the price of a three-bedroom semi-detached house for rent in Hampshire ranges from £1,100 per month to £2,500 per month. Only a professional valuation will give you the peace of mind that comes with determining the true worth and rental potential of your property.
*As of March 2023