How much is my property worth? For landlords managing their own properties, what’s the best way for them to work out the optimum rent for a flat or house? This is a question that, until recently, was answered only by hours spent scouring local newspapers or scanning high street window displays. But the increasing sophistication and reach of the internet means the lettings market is now more transparent. Here’s how to determine the best rent for a property.
Use the ‘draw a search’ tools that the major portals all now offer – for example both Zoopla and Rightmove enable you to draw geographical search areas and refine the kinds of properties displayed (i.e. ones like your rental property). This is a powerful way to understand how rental prices within your local market are performing. Then set up an email alert to be kept informed of properties like yours being advertised in your area.
The government’s Valuation Office Agency provides relatively detailed rental price information at city level. This is used by bureaucrats to work out what rents on a local level across the UK for benefits purposes, but is also a good way to see how your home compares to the local market.https://www.voa.gov.uk