Being able to charge the most rent possible for your home is one of your top responsibilities as a landlord in order to ensure that you get a respectable return on your investment. You could be wondering how to get a higher rent in 2023 with the start of a new year. To help you accomplish your goal, there are a number of advice and tactics available. It might seem daunting initially but it can be avoided by taking the help of Letting Agents in Marylebone.
DECIDE ON THE TENANT
The renter that resides in your house is one of the most important variables that can impact the amount of rent you can charge. Choosing the correct renter can significantly increase your rental income, even while it may be tempting to rent out your property to the first individual who expresses interest. A complete background check should be done on each prospective tenant before you accept them to make sure they have a decent rental history, work history, and credit score. Rent payments and property maintenance are more likely to be made on time and with care by tenants who have a steady income.
LEVERAGE ON THE LOCATION
Another important aspect that can affect the amount of rent you can charge is the location of your property. It’s critical to capitalise on the advantages of your location to raise your rental income because rental property demand differs by region. In your rental listing, draw attention to any nearby parks, schools, or shopping areas if your property is one of them. Your property may be more appealing to potential tenants if it has these qualities. Keep up with the changes and make updates to your property consistent with neighbourhood trends if the area surrounding your property changes.
ADD MORE ROOMS
Adding more rooms is one method to raise the value of your rental property and draw in more prospective tenants. This could entail building an addition to the home or turning a basement or attic into usable space. A home can accommodate more people if it has more rooms, thus you can charge a greater rent for it. It’s critical to take the market demand for the kind of property you have into account when considering whether to add more rooms. For instance, if you live in a single-family home, you might want to add a bedroom or office, whereas an apartment could use a walk-in closet or another bathroom.
HIRE A PROPERTY MANAGEMENT
With numerous units, managing rental properties can become a full-time job. You may save time and ensure your property is properly maintained and managed by hiring a property management company. High-quality renters can raise the value of your home and result in greater rent if you have a reputable property management business on your side. Make sure to do your research before hiring a property management business, and go with specialists like Knightsbridge Letting Agents who have solid reputations and expertise in managing homes much like yours. From finding and vetting renters to managing repairs and maintenance, the ideal organisation should be able to manage it all.
ALLOW PETS ON THE PROPERTY
Allowing pets on the property is one strategy to draw in responsible tenants who are willing to pay a higher rent. By accepting pets, you open up your property to a wider pool of possible tenants because many pet owners find it difficult to discover rental apartments that allow pets. To compensate for any potential damage brought on by the pets, you can additionally charge a pet deposit or a monthly pet fee. Establishing clear laws and regulations for pet owners is crucial, though. This includes laying out the breed and size restrictions for accepted pets, demanding confirmation of immunisations, and laying down the tenant’s obligations for pet waste collection and damage repair.
IMPROVEMENTS AND REPAIRS OF HOMES
Allowing pets on the property is one strategy to draw in responsible tenants who are willing to pay a higher rent. By accepting pets, you open up your property to a wider pool of possible tenants because many pet owners find it difficult to discover rental apartments that allow pets. To compensate for any potential damage brought on by the pets, you can additionally charge a pet deposit or a monthly pet fee. Establishing clear laws and regulations for pet owners is crucial, though.
Achieving a higher rent in 2023 is all about providing your tenants an attractive and comfortable living environment. By allowing pets on the property, making improvements and repairs, and keeping up with regular maintenance, you can attract responsible tenants who are willing to pay a higher rent for a well-maintained property. Remember, a well-maintained property attracts responsible tenants and helps retain them, saving you time and money on turnover costs.
