Rental Valuation: What to Consider When Setting Your Rent

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  • Rental Valuation: What to Consider When Setting Your Rent

Rental valuation is the process of determining how much rent you can charge for your property. It’s an important step in the rental process, as it can affect both your income and your ability to attract tenants. If you set the rent too high, you may scare away potential renters. If you set it too low, you may miss out on potential income.

Want expert advice? Call our lettings manager Beth Roberts today to get a free valuation, 01273 724000 or click here.

There are a number of factors to consider when valuing your rental property.

Here are some of the most important:

  1. Location

The location of your property is one of the most important factors in determining its rental value. Properties in desirable locations, such as those close to amenities or public transportation, will typically command higher rents. It’s also important to consider the type of neighbourhood the property is in. Some neighbourhoods may be more popular with certain types of tenants, such as families or young professionals.

  1. Property type and size

The type and size of your property will also affect its rental value. Larger properties, such as single-family homes, will typically rent for more than smaller properties, such as apartments. However, the number of bedrooms and bathrooms can also be a factor. A two-bedroom apartment with two bathrooms will likely rent for more than a two-bedroom apartment with one bathroom.

  1. Property condition

The condition of your property is also important. A well-maintained property with modern amenities will typically rent for more than a property that is in poor condition or outdated. If you’re thinking about renting out your property, it’s a good idea to make any necessary repairs or updates before you put it on the market.

  1. Amenities

The amenities that your property offers can also affect its rental value. Properties with desirable amenities, such as a pool, fitness centre, or laundry facilities, will typically rent for more than properties without these amenities.

  1. Current market conditions

The current market conditions in your area will also affect your rental valuation. If there is a high demand for rental properties in your area, you may be able to charge more rent. However, if there is a lot of competition for renters, you may need to be more competitive with your pricing.

We also offer free buy to let advice, click here for a free 30 minute consultation.

  1. Legal restrictions

There may be some legal restrictions that affect how much rent you can charge. For example, some cities have rent control laws that limit the amount of rent that landlords can increase. It’s important to be aware of any legal restrictions in your area before you set your rent.

Once you have considered all of these factors, you can start to narrow down a range for your rental price. It’s a good idea to get quotes from a few different rental property managers or real estate agents to get an idea of what your property might rent for. You can also do some research online to see what similar properties in your area are renting for.

It’s important to remember that there is no one-size-fits-all answer to the question of how much rent to charge. The best rental price for your property will depend on a number of factors. By carefully considering all of the factors involved, you can set a rental price that is fair to both you and your tenants.

Did you want a review of your portfolio? We can offer this service for you. Contact us today on 01273 724000 or click here.

Additional tips for your rental valuation price:

  • Start high and be willing to negotiate. You can always lower your price later, but it’s harder to raise it once you’ve set it.
  • Price your property competitively. If your rent is too high, you may have trouble finding tenants.
  • Be flexible with your tenancy terms. Some tenants may be willing to pay more rent if they can sign a longer tenancy.
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Tegan
Tegan
17:30 22 Feb 24
Have been very accommodating and helpful when calling agents. They have been very helpful in being able to secure a house for students.
TheFlyingCrocodile
TheFlyingCrocodile
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Went above and beyond to get things sorted for me
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Brittany Stace
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Harringtons have been incredibly helpful and supportive of us as new renters and they have been super efficient in getting all of the documents sent through and signed in such a short period of time. Thank you!
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Georgie Prebble
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Jade Innes
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So far the service has been good. The staff are very friendly and quick to respond to any questions and requests.
Polly Smith
Polly Smith
11:17 28 Dec 23
we chose this letting agents as they chose a good bills company that is much cheaper than other agents. When viewing houses the staff were very friendly and have been very helpful in answering our questions and making the process as easy as possible.
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Emma Howe
16:06 14 Nov 23
I would rate Harringtons Lettings a 5/5. Very lovely on the phone and very quick and easy to communicate with via email. Any problems have been resolved in no time at all. So far so good!I found Harringtons via Rightmove.
Akwisitions Feedback
Akwisitions Feedback
16:25 30 Oct 23
Very responsive and super helpful throughout the process. Highly recommended!
Chloe Ballard
Chloe Ballard
17:28 02 Oct 23
Although I have only been renting with Harringtons for a short period of time, I have had nothing but a positive experience. From viewing to admin updates. The admin team especially are very polite and quick to respond and I have no doubt that the rest of my tenancy will run smoothly. I would recommend to anyone considering renting in brighton.
Matthew Ball
Matthew Ball
11:46 19 Sep 23
Professional communication with tenant although entirely impersonal. There was a bigger disconnect in their communication with the landlord in most cases, which seemed to be either slow or non-existent (discovered after contacting the landlord directly).Property was full of spider webs on day 1 despite apparently being professionally cleaned. Took a day off of work to clean it on move out day, leaving it cleaner than when it received but still had to pay part of the deposit for professional cleaning.It has been a while since I have rented, but I'll avoid letting agencies completely now if this is anything close to the average renting experience.
Ronan SK
Ronan SK
12:38 12 Sep 23
Great professionalism/communciation from the start up until the end of my tenancy. Definitely set the standards for what agencies should be like. Highly recommend to those within Brighton.
Daniel Sutton
Daniel Sutton
10:29 24 Aug 23
I have rented with Harringtons Lettings before and have always found the agents to be quick, efficient, friendly and helpful. I loved their service so much I have chosen to rent with Harringtons again. Faultless 😊
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