How do you as a Landlord set the rent on your property?

I think we should see the location, prices around that location and the quality of our property. All these factors together should help us to get to a fair rent price.

 

The best way is to get a valuer to get you the real value, that way you are not overcharging or undercharging and also you visit the neighbouring properties and compare the prices with yours.

 

As far as Relative advice come and go, the exception is my Dad and Grandma and two friends who have held me through...it has been a rough year but am glad for all the lessons learnt...especially their awesome contribution in terms of advice geared towards my property

 

The rent of the property must b set very carefully according to the interest of the both tenants and landlords. I usually believe that the rent must be set according to location and the quality of the house. The rent should be enough to be profitable for the landlord's.

 

The rent is set based on many factors. I think it is important that the rent be in par with day to day living or else evicting the tenants become very difficult. The rent should be according to the normal standard of living.

 

You research what to set the rent fee at the same way you research the comp value of properties in the area. You have to take into consideration things like heat and water if you are paying for this. All rentals are not the same, you have to find units that are close to what you offer and then you have a range. Things like location, new carpet, a washer and dryer and off street parking make a difference and you can add more for that. As a rule first floor units cost more because they are in higher demand then second floor or higher units. With upper units though if there is a view you can consider that value.

When all is said and done you want to have someone that will pay what you ask, not wreck the place and stay for awhile. Do Not be afraid to negotiate if you think a person fits that bill. Older people might be a better tenant and stay longer but have less disposable income. Students are usually short term and you will spend more on overall maintenance because of the high turnover. All things to consider.

 

The rental price you charge needs to be comparable to that of similar properties in the area. Check realtor adverts and classified sites to get some idea of how your rental property should be priced. Also, you would need to consider the deposit, or bond. Again, you want to aim for similar rates to other landlords if you want to remain competitive.