As a landlord in Peterborough one of the biggest challenges you might face is setting your rent. Knowing how much to charge tenants for your rental property can often feel like a minefield. If you charge too much, it could stay empty and not attract tenants. However, if it’s too low you could lose out on potential income and profit.
However, help is at hand. Here at AGT Property Management and Lettings we have many years of experience of the rental market in Peterborough and surrounding areas. We can help you set the right rent amount to attract the right tenants for your rental property.
There are some key points that you need to consider as a landlord when setting the rent for your property. You need to think about the location of the property. The area in which your rented property is located will affect the rent you can charge. For example, a rental property near local amenities, a good school, transport links and good local facilities will up the value of the property. In turn, you can up the rent you charge.
It’s important that you think about the type of tenants you will have in your property too. For example, if your property is aimed at students then you will charge a lower rent. In turn, if you are aiming your property at professionals, you can expect that they will pay a higher rent on their home.
There will be additional features that will affect the rent price too. For example, if you have off-road parking or a private garden, this will be a benefit to the renter. In turn, they will be willing to pay extra for this. This means you can charge more rent for the property. Off street parking will often be a ‘plus’ for many people looking to rent their next home.
The condition of the property will need to be considered when you are a landlord setting your rent too. If the property is in good condition and well-maintained you will be able to charge a higher level of rent. However, if the property is in need of modernising, then you can expect renters will be willing to pay less. As a landlord, you may want to consider modernising the property to get more rent from tenants.
If you’re not sure of the right amount to choose when setting your rent, call our team. When it comes to the value of rental properties, we are in the know. This means that we can provide you with accurate information and advice to help ensure you are setting the rent right for your property and desired tenants.
