How Much Can I Rent My Property For?

How Much Can I Rent My Property For?

Are you trying to establish how much rent you should be charging for your property? Setting the right rental price is key to attracting the right tenants. Charge too much and you risk waiting months to get a tenant – but charge too little and you’ll risk attracting poor-quality tenants.

How much you should charge will depend upon numerous factors. So, to help, here, you’ll discover how to work out how much rent you can expect to get for your property accurately.

Compare other local properties

The best way to determine how much rent you can charge is to research similar properties in the area. How much rent are other nearby landlords charging? Be sure to compare similar properties only, which have the same features and location of your own property. You should easily be able to find at least three similar properties to see what the average rental prices are.

Researching rental prices in your area is essential, as if you charge a lot more than other similar properties, you’re going to struggle to find suitable tenants.

Covering your mortgage repayments

Your rental yield should ideally not only cover your mortgage repayments, but exceed them. Most landlords look to cover at least 125% of their mortgage repayments, but you will need to research the area and other similar properties to determine whether or not this is realistic.

You might also want to check whether your mortgage lender has any minimum rental requirements before listing it.

Is there anything which makes your property unique?

One way you can charge a slightly higher rental rate than similar properties in the area is if yours comes with unique features. Is there anything which makes the property stand out? Perhaps it has en suite bedrooms, or an open plan kitchen for example? If it comes fully furnished, you’ll also have an edge over unfurnished properties in the area.

Anything which makes your property stand out could help you increase the rental price.

Pay attention to the location

The location of the property is going to have a major impact on the amount of rent you can charge.

We mentioned earlier how important it is to only compare similar properties close by. This is because house prices and rental prices will vary significantly, depending upon the area. For example, the cost to rent a 3 bedroom property in Chapel Allerton is going to be a lot more than it is for a 3 bedroom property in Beeston.

Get an accurate valuation

Of course, the best way to determine how much rent you can charge is to have a property valuation. You can find online valuations from estate agents in Leeds, but these aren’t always accurate. For this reason, it’s best to choose a letting agent who will visit the property and provide an accurate valuation, such as Cassini Properties Estate Agent .

For a Free independent rental property appraisal, call Cassini Properties Estate and Lettings on 0113 2497313. We can arrange to carry out rental appraisals throughout Leeds, 6 days a week between 8.30am and 7pm.