Rental demand still outstrips supply in the UK, and your property is unique, which is why it’s important to understand its true rental value. Average rents for new lets increased by 12.2% in the year to September 2023, and are expected to increase by 5–6% in 2024.*
Why should you get a rental valuation?
As a new, existing, or potential landlord, it's a good idea to be up to date with the market so you might benefit from a recent rental valuation. Determining accurately how much rent to charge optimises your investment and creates a balance between maximising income without overcharging tenants. This can attract long-term tenants who are prepared to pay fair prices, which hopefully guarantees a good return on investment.
What does a tenant look for in a rental property
A good agent will figure out which sector of the market best suits your property. Perhaps you have already decided that you are aiming at the young professional, student, or retirement markets, or have you created an ideal family home? If you have not decorated yet or your property needs improvement, your agent will likely be able to advise on what is best to do.
Demand
Understanding the true rental value of your property is intrinsically linked to levels of demand. Agents utilise databases, years of knowledge of the property market and current trends to understand the scale of demand for your property. This will be pivotal in understanding your investment.
Your property’s location
The location of your property is influential; however, it's not all about the postcode. Sought-after and up-and-coming areas may add value in years to come. Proximity to transport links, good schools, rural areas, shops and other amenities all play a part.
Is your property furnished or unfurnished?
Is your property unfurnished, partially furnished, or fully furnished? A fully furnished property could command a higher rent. Having said that, providing a property without furniture does not put you at a disadvantage, and you will not be responsible for the upkeep of any furniture or appliances that you do not own.
The condition of your property
Needless to say, if your property is in good condition or has been recently refurbished, then it will be more desirable to tenants and will affect how much rent you can charge. A good agent will also be able to advise you on where to spend on alterations and what is required to be legally compliant.
What do you need to prepare for a rental valuation?
A good agent can see past a few cosmetic touch-ups and the need for a tidy, to be able to advise on an accurate rental valuation. They’ll also be able to help you with the legal requirements such as gas safety certificates, EPCs and EICRs and will likely have recommendations for reliable tradesmen.
Why not start by having a no obligation chat with our lettings team by calling 01277 282 2222 or pop into one of our Loughton, Ongar or Hornchurch High Street branches.
