Setting the right rental level is one of the most vital parts of preparing your advert.
Consider that not only does it help your tenants decide if they'll consider renting your property,
but also that they almost always search with a price range, so your property might not even appear in front of them,
however good your property and advert are!
Tip 1:
Too high or low and your property won't appear in their search.
But you want it to compare favourably against similar properties,
so our 1st tip is to go onto
Rightmove
or Zoopla
and perform a search for similar properties in your area to see what they're being advertised for.
Tip 2:
Consider a lower rent to find a tenant quicker.
Look at the price ranges tenants can search within on the main search sites.
For example, if your property last rented out at £720.
Currently on Rightmove and Zoopla, the prices around that range are: £600 £700 £800.
So someone might search between £600 - £700 if their maximum rent to pay out was £700, knowing they couldn't pay £750 or £800,
even if they could actually stretch to £720, so you might find a tenant quicker by dropping the rent to £700.
So if you found a tenant just 1 month quicker with the lower rent, you'd actually earn £480 more in the 1st year!
And you could consider increasing the rent, after a fair time, back to £720.