When was the last time you had a rent review on your investment property?
The market has changed a lot in the last 12 months, so you need to check the rental returns on your property.
So, how do you complete a rent review?
It’s a 3 step process.
Step 1 – List the features of the property.
This means, how many bedrooms, bathrooms, garages, carports, off-street parking, built in wardrobes, laundry facilities, appliances and more.
Step 2 – Assess the age of the features in the property
How modern the property is has a big impact on the rent you can achieve. So assessing the age of the property and its features is very important.
Step 3 – Compare it to other similar properties in your area.
Run a report showing all the other similar properties in your area. It’s important to compare the basic features of the property (bedrooms/bathrooms/car accommodation) as well as the additional features (like built in wardrobes, appliances, etc), and also the age of the property and its features.
You’ll also want to check how long other properties in your area took to secure a tenant as this will also help you determine the rent for your property too.
So, sure, you can do the 3 steps yourself (if you want).
Or, you can send us a DM and we’ll use our special software to do it all for you and send you back your updated rent review.
Want an updated rent review on your property?
Send us a DM now!