Whether you are a seasoned investor with a large portfolio of buy-to-let properties, or starting out in property investment, the biggest question you will likely be asking is: ‘how much rent should I charge?’.
There are many factors that contribute to the amount of rent that you will achieve, such as:
One great starting point in researching how much rent to charge is a free online lettings valuation tool.
Now that you have a base figure for your rental property, it is important to seek a face-to-face rental valuation for the property to fully maximise the rental figure.
The online rental valuation tool cannot take certain factors into account such as: extensions, recent renovations and current market trends.
It is vital that your letting agent in Manchester looks at the above points when calculating your monthly rent.
Most importantly, the market conditions and demand for your type of property contribute to how much rent you will receive.
For example, if your letting agent is saying “the rent for a two bed in the area has always been £650 per month, therefore this is what we recommend”, maybe they are not taking into account the current market and demand.
Indlu estate agents recently let a two bedroom property in Eccles, Salford for £725 per calendar month even though other local letting agents had recommended a price of £675 per calendar month as that is what two bedrooms traditionally rent for!