Whilst we always strive to get the maximum rent possible, we must also keep in mind the current rental market to minimise vacancy periods.
How do you determine the best rent for my property?
When recommending the optimum rental rate for a property, we consider the following factors:
We analyse the previous six months of bond’s lodged to the MBIE. This gives us very accurate trends of rental averages according to suburb, bedroom numbers and property type.
We consider the current demand for properties. This can be seasonal and is also influenced by factors such as public transport routes, school zones and local amenities.
We look at properties currently available for rent, and consider their location and comparable features.
We compare your property with those we currently have rented.
What if I want a rent amount that is higher?
Ultimately, you can place your property on the market at any rental amount you wish. However, please keep in mind that it is market demand that sets the rent, and if prospective tenants deem the amount being asked is too high, your property may stay vacant longer than necessary. You should also be aware that your annual rental return will be reduced by 2% for every week it is vacant.
How often should rent be reviewed?
We will review the rent against market conditions a minimum of twice per annum, when we need to secure a new tenant and at lease renewal time. If we believe a rental increase is appropriate, we will contact you for approval.