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setting the rent

Finding comparable rents

The easiest way to set a rent for your property is to look at directly comparable properties in your geographical area on Rightmove or Zoopla and price your property accordingly. You will find that rental prices are usually driven by the following criteria:
  • Location within the town.
  • The square metreage of the property.
  • (Houses) Whether it’s semi-detached, terraced etc.
  • (Flats) If it’s new build which will be priced higher than local ex council dwelling’s, it’s age and number of amenities available.
  • The condition of the property.
  • If the property is unfurnished or furnished.
  • If there is off street or allocated parking available.
  • If there is a garden, balcony or other unique features to the property.
  • If you examine the details of each property by looking at the design, photographs, floorplans etc you should be able to find comparable properties to base a price on. Usually within a particular area you will find that prices vary by no more than £75 per month.
  • After that its just a case of deciding if you want to position your property at the lower or higher end of the spectrum. It’s usually best (unless you are in a great hurry) to position the property towards the higher end as clients are aware that there is always a bit of negotiation room with prices and you may be lucky if someone falls in love with the property and pays the full asking price.
  • If you want another perspective, you could always contact a letting agent pretending to be a prospective tenant and ask them if they could provide letting prices for the type of property you have.

    • Pricing for shared rooms

    • This can be done in the same way as above but rather than Rightmove you should use Spareroom for your comparisons.
    • Bear in mind that some prices will include bills and that some listings will be on a weekly basis which will be cheaper. Room comparison prices take a little more time to come to terms with as the sizes and quality vary much more than with whole properties.

      Rents for tenants on benefits

    • Prices for properties targeted at tenants who receive benefits can be assessed in the same way as before on Rightmove and DSSmove. You should also be aware of that the level of Universal Credit each tenant is entitled to will influence what each individual can afford. You could charge tenants on benefits a higher cost than the amount they get towards their rent which would mean they would have to find the excess from their income. This could mean they may struggle to pay and fall behind with their rent. A lower rent may mean an easier life for you if tenants are going to struggle to pay their way.