Whilst we always strive to achieve the maximum rent possible, it is important that we keep in mind current market conditions when setting the weekly rental rate in order to get your property tenanted as soon as possible.
The information we gather and consider to set the correct rental rate for your property includes:
Demand – Is there a high or low demand for properties at present? This can be seasonal and affected by a number of factors.
What is available now – We look at properties currently available for rent, not only on our books but also in the newspaper and on the Internet, along with the latest Real Estate Institute statistics on rental values in your property’s area. We take into account location, size and features for comparison in order to calculate a maximum rent for your property.
What we have rented right now – We compare your property with what we currently have rented, taking into account property location, size and features.
Properties that are well presented tend to get snapped up quickly and often get a premium rental. We compare the condition and presentation of your property to other comparable properties on the market to establish a market rental figure for your property.
Please see our page on “Property Presentation” to find out more; the page includes “A Guide to Getting Your Property Ready for Tenancy”.
You may place your property on the market at the rental amount you wish. However, keep in mind that it is the market demand that sets the rent and, if the market (propsective tenants looking for a rental property) deems the amount of rent too high, your property may stay vacant longer than necessary.
With this in mind, be aware that your annual rental return will be reduced by 2% for every week it is vacant!
Whenever we secure a new tenant for your property we review the rent against current market conditions. This is also done at lease renewal time and at other times when required (e.g. when we see a shift happening in the market place). We will always advise you when we believe the rent should be reviewed.