3) Setting a Rental Price for your property
This is possibly where most owners make a mistake. Professional Rental agencies see homes every single day. They know the neighborhoods and the going rates. Get a market evaluation from the agent and understand what is a fair rental price for your home in today's market.Factors that impact the rental rates of a residential house
Location – Demand for rental homes vary from city to city and even from neighborhood to neighborhood.
Condition – Tenants are looking for properties that have updated features and are very clean. Things like fresh paint, working appliance in good conditions are a big draw. How will your property stand apart from the others available in the neighbourhood.
Availability – Prospective tenants want to see properties that are vacant and completely ready for them to move in. Properties that are vacant and ‘rent-ready’ will rent much more quickly.
Market Demand – The time of the year, overall economic condition and real estate prices have a great impact on how quickly a property will rent. There is less demand for rental housing in the monsoon.
Higher the property rates, more is the demand for rental apartments
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