Property investors rely on rent to cover their overheads.
We asked are most experienced landlords, what property investors should note, when setting the rent for their property.
Here is what they told us:
· Stay in touch with market trends in rental
properties and don’t just increase the rent by a certain percentage every
year.
· If the market dictates a rental decrease, don’t
be averse to that. Refusing to decrease the rent can have a negative impact on
your portfolio if you have extended vacancies.
· Look at comparable properties in the same area,
with similar features when assessing the rent
· Pretend you are a tenant and search online to
assess the market, so that you can get a sense of tenant’s expectations.
· Once you have found your tenant, use RealRenta to automatically manage the
tenancy and set your rental income amount.
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Marlene Liontis
Monday, 6 January 2020
