How do you determine the best rent for a property?

Posted by Auckland Property Management Ltd on August 14, 2019 | Property Management, Video Blog

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Take a look at some of the factors which can influence how much your property is rented for.

When meeting an investment owner for the first time at their rental property, we provide them with a rent income assessment or comparative market analysis.

We always strive to get you the best rent price possible, however we must also keep in mind that we have to set the correct market rent in order to get your property rented as soon as possible.

When meeting an investment owner for the first time at their rental property, we provide them with a rent income assessment or comparative market analysis using a wide range of data for a realistic rent assessment:

  • At Auckland Property Management, we have over 2500 managed properties so we look at similarly managed properties to yours, and the average rent received.
  • We also process online data sources for similarly rented properties in the areas closest to the location of your rental property.

We also consider the following factors which allow us to give you enough information to set the right rent for your property:

  • Demand – Is there currently a high or low demand for rental properties? This may be affected by seasonal fluctuations, and a number of other factors.
  • What is currently available – We look at properties currently available for rent and consider their location and features for comparison to calculate a maximum rent for your property.
  • What we have currently rented – We compare your property with what properties we have currently tenanted, taking into account property location and features.

Once we have determined a realistic achievable rent rate, we look at areas that may increase your rent potential, such as property presentation and the following features:

  • The total number of bedrooms.
  • Outdoor areas – Are these fully fenced, high maintenance, suit children or pets, is there outdoor storage, swimming pool, barbecue / entertainment areas, etc.
  • Car spaces – Garage size, internal remote access, storage space, additional off street parking available.
  • Location – Proximity to schools, transport hubs, shopping malls, recreational facilities.
  • Presentation – Is exterior of building well presented, garden recently maintained, is interior of property clean and tidy, is the property showcased to its best potential?
  • Fixtures and fittings – Are curtains worn and require replacement, is carpet looking tired / stained – perhaps a professional clean, replace shower curtain where required, replace cupboard door handles for a fresher look, etc.
  • Views – do you have views of city, mountains, sea, and spectacular scenery? Make note of this in photographs and wording of advertising
  • Heating – wall panel heaters in bedrooms if these tend to be colder, heat pump service, small things to ensure comfort of potential tenants
  • Appliances – how old is whiteware, may be worth investment in a new stove or rangehood if current one is in older condition
  • Security – some areas may be of concern and the installation of a security alarm / window latches may create feeling of security for prospective tenants

 

If you have any questions about whether you are getting the best rent for your property, contact us today on the below form and one of our team will be in touch:

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