Are you preparing to put a property up for rent, but you don't know what the most appropriate and representative price you can set? No problem.
There are several ways that you can price a property accordingly and avoid overpricing. Many landlords "fall into the trap", unaware that by setting a high first rent they risk losing the interest of most tenants.

The rent should add a profit to the income of the landlord, but should also be competitive enough to attract good and reliable tenants.

Balancing price and quality is everything and is an essential and necessary solution. However, it is still a very big challenge. Thus, an excessively high rent, which exceeds the limits and market dynamics for the area it is located in, risks not being rented for a very long time. A fairly low rent on the other hand, can undervalue the property too much and attract situations that will make things difficult for you in the future.

There are some useful tips that will help to set the right price for renting your home and save you from future complications:

Take into account your competition

Before setting the rental price, it is important to know the rates that landlords in your area charge. Rental properties in downtown areas are likely to charge more than other areas that are less accessible, useful and desirable to the public.

Consider the average income of residents in the area. The rent of the house should be tailored to the profile of the average resident and their capabilities. The rent, should be 30% of each employee's income.

A market survey of other landlords in the area will help define the amount and help you adjust it based on the findings.

Benefits

What is it that adds the most value to your property?

Tenants looking for homes in densely populated areas value the availability of private parking. If your property has this, it should be noted as it counts towards the justification for a higher rent.

In addition, if the property is centrally located where there is direct access to markets, shopping centres, supermarkets, pharmacies and essentials, this saves tenants a lot of money on commuting by private or public transport.

Balconies and terraces also add extra value to your property.

Finally and most importantly, the choice between furnished and unfurnished apartments plays an important role in determining the rent. A furnished property can elicit a higher rent.

Seasonality

Seasonality can greatly affect rental rates. In general, tenants prefer to move in the summer months. Demand for rental properties is usually highest during the months of June, July, September and October and tends to stabilize during the winter.

An advertisement for a rental property may not receive the same response in winter as in summer. Thus, in the summer you are afforded the option of a higher price due to increased tenant demand.

A successful partnership between estate agents and landlords can bring about the desired results. At Athens Living, all of the above tips are considered necessary moves, however we can share many more secrets, for a sure-fire rental/sale!