To ascertain how much rent you can ask for your property a market assessment needs to be undertaken.
In assessing a market rent we look at how much similar properties in the area have recently leased for and how long they have been on the market.
Rental values are affected by a property’s proximity to public transport, internal facilities (such as built-in wardrobes), intercom entry, lock up garage and appliances (such as dishwasher and air conditioning). In today’s competitive market, properties that are well presented or recently refurbished are commanding a higher rental price and spend fewer days on the market.
In completing our comparative market assessment we take all of the above into consideration. Rents cannot be increased during the initial or fixed term of the tenancy agreement.
We will contact you prior to the expiry of the fixed term to discuss the market rent for your property. At this stage we undertake another market assessment and view the property as if it was vacant and pose the question “if it was vacant today, what rent could be achieved”. Of course you may elect to keep the rent at the current level for a further period due to the excellent nature in which the tenancy is being conducted.
We have found that by increasing rents during a tenancy it is best to increase in smaller increments rather than one large increase and run the risk of potentially losing a good tenant.
During this process we will also advise you of the notice period to be given to the tenant to increase the rent, and the date in which the increase will become effective. Our aim is to keep your property at a market rent level without creating a vacancy in your property.
