We always strive to get you the maximum rent possible; however we also must keep in mind setting the correct market rent to get your property rented as soon as possible. Both factors are important to present your property on the market successfully for rent.
To do this, we consider these factors:
- Demand – Is there a high or low demand for properties at present. This can be seasonal and affected by a number of factors.
- What Is Available Now – we look at properties currently available for rent in the newspaper and/or the internet, and consider their location and features for comparison to calculate a maximum rent for your property
- What We Have Rented Right Now – We compare your property with what we have currently rented, taking into account property location and features.
These factors allow us to give you enough information to set the right rent for your property.
What if I want a rent amount that is higher?
You may place your property on the market at the rental amount you wish. However keep in mind that it is the market demand that sets the rent, and if the market (prospective tenants looking for a rental property) deem the amount of rent too high, your property may stay vacant longer than necessary. With this in mind, be aware your annual rental return will be reduced by 2% for every week it is vacant!
How is the rent reviewed during the time that you manage it?
When we need to secure you a new tenant, we will always review the rent against market conditions. This will also be done at lease renewal time, or at other times when required. We will always contact you for your permission before the rent is increased. Be aware that we are required to give two (2) month’s notice to increase the rent for periodic & fixed term tenancies, and can only increase the rent every six (6) months.