It is vital landlords set a reasonable rental fee when letting to tenants, and there are many factors to consider, inside and outside of the rental property. This guide aims to help you set an appropriate rental fee for your North London property.
There is a prominent level of demand for rental property in North London, but equally, landlords face a lot of competition. Therefore, it is essential landlords know the importance of charging the most accurate rental fee for their property. Rental fees are influenced by more than the condition of a property, and many factors influence what North London landlords should charge tenants.
As there is no magic formula for determining how much rental fee a landlord should charge, it is best to discuss the matter with an expert. At Ariston Property, we are pleased to offer a bespoke service to landlords. We get to know you, we review your circumstances, and we combine this with our knowledge of the local rental market. From here, we will help you set an appropriate rental fee for your North London rental property.
Location really matters when it comes to what tenants want to pay for rental property
There are many factors outside the condition of your home which shapes the most suitable rental fee and your location is crucial. If your rental property is close to great schools, transport hubs, shops and amenities, people are willing to pay more in rent each month.
Therefore, you need to know what is on offer in the local area, and who these amenities and facilities cater for. Your location doesn’t only help you set the most appropriate rental fee; it helps you find the most likely tenant for your property.
Should you offer a furnished or unfurnished property?
It stands to reason a furnished property is more expensive than an unfurnished property. The furnished property comes with furniture, it likely cost the landlord more money to prepare, and it offers greater utility to the tenant.
As a landlord, you can decide between offering a furnished or unfurnished property. There are positive reasons for both options, and if you have a preferred type of tenant in mind, it is best to offer property that meets this tenants’ needs.
You don’t need to spend a lot of money to furnish a property. This doesn’t mean you should automatically opt for the cheapest option, but by buying affordable and durable property, you can help a tenant settle in without breaking the bank. For many tenants, this is a service they are more than happy to pay for.
Today’s tenants are savvy, and they will research their options. Your best approach is to reach out to these smart tenants, offering them rental property which offers value.
It would be brilliant to set a fee which tenants are happy to pay and which also provides you with a sizable income, but this is easier said than done. It is vital to balance these elements, all the while making sure you don’t leave yourself out of pocket or find yourself struggling to meet your own bills.
If you are a North London landlord looking for guidance in letting your property and setting fees, please contact Ariston Property, and we’ll do our best to help you in greater confidence.