How to Decide the Correct Rent for Your PropertyJune 18, 2018
When investing in a property for earning rental income, the rent should be finalised only after considering various factors associated with the property and also to utilise the rental potential up to the fullest.
Here are some general guidelines to decide on the correct rent for your property.
Factors that influence rental pricing
The size of the property is one among the biggest influencer for the rent. Bigger the property, higher the rent. Also, the layout which offers more space is eligible for higher rent. Amenities like car parking, swimming pool, clubhouse, gated community facilities, etc. will garner higher rents. Internal fixtures and facilities like modular kitchen, wall cupboard and storage space will also bring in more rent. Finally, the location which enjoys proximity to schools, hospitals and retail centres play a significant part in determining rent.
How to increase the rental income
Furnishing the house or apartment will be a wise investment when planning to yield high rental income. Unit with more number of rooms is considered ideal for families as well as by bachelors where each can get their own room thus increasing the rental possibilities of the property. Properties located at well-maintained housing societies are highly preferred by tenants.
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