{"id":14508,"date":"2018-02-16T16:30:48","date_gmt":"2018-02-16T16:30:48","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=14508"},"modified":"2018-04-06T09:05:03","modified_gmt":"2018-04-06T09:05:03","slug":"how-much-rent-should-i-charge-my-tenants","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/how-much-rent-should-i-charge-my-tenants\/","title":{"rendered":"How Much Rent Should I Charge My Tenants?"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n[vc_row][vc_column][vc_column_text]\n<blockquote><p><span style=\"font-weight: 400;\">Unfortunately, the answer is not: \u2018as much as possible\u2019.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">You need to be realistic about your charges and there are many factors to consider when coming to that final figure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In such a competitive market there is a lot to contemplate. You don\u2019t want to scare away potential tenants with unreasonably high prices, and equally you, as a landlord, need a realistic rental income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So with all this to consider, the first question has to be&#8230;<\/span><\/p>\n<h3><b>Where to start?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"> To keep things simple, the best place to start would be a <a href=\"https:\/\/www.thehouseshop.com\/rental-calculator\">free rental valuation tool<\/a>. This quick and easy tool calculates a rough rental price, which you can use to charge your tenants an appropriate rent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.thehouseshop.com\/\">TheHouseShop<\/a> calculator uses varied data about the current market and local trends to provide a lower, middle and upper rental valuation. \u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" class=\"aligncenter wp-image-14519 size-medium\" title=\"TheHouseShop rental calculator\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/rough-estimate-260x83.png\" alt=\"\" width=\"260\" height=\"83\" srcset=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/rough-estimate-260x83.png 260w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/rough-estimate-100x32.png 100w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/rough-estimate-150x48.png 150w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/rough-estimate-200x64.png 200w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/rough-estimate-300x96.png 300w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/rough-estimate.png 399w\" sizes=\"(max-width: 260px) 100vw, 260px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">A super helpful start! But, these are only guidelines\u2026<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This range of rental prices need tweaking and they need to be personalised to your property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few things to consider when trying to place your property on the value scale.<\/span><\/p>\n<h3><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/5-of-the-most-sought-after-home-locations-in-the-uk\/7225\/\"><b>Location<\/b><\/a><\/h3>\n<p><span style=\"font-weight: 400;\">Obviously, the location is crucial to the pricing of your property and the valuation tool will take this into consideration when giving you your range of rental income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there are a few more factors that might sway your rent one way or the other.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Does the property have good local amenities?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Transport links are very important. Whether you live in a city or a more rural area, they are the means by which we go to work, take our kids to school and visit friends and family, among many other things. \u00a0The ease with which people can get around will greatly affect the property&#8217;s value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In a recent YouGov survey, it was revealed that <a href=\"https:\/\/www.express.co.uk\/life-style\/property\/763837\/Property-demands-Supermarkets-Post-Offices-walking-distance\">25% of Brits<\/a> say that they would need a train\/underground station within walking distance of their home.<\/span><\/p>\n<ul style=\"list-style-type: circle;\">\n<li><span style=\"font-weight: 400;\">This is clearly an important factor for potential tenants and consequently, people would arguably pay more for such a convenience.<\/span><\/li>\n<\/ul>\n<ul style=\"list-style-type: circle;\">\n<li><span style=\"font-weight: 400;\">Similarly, 49% of the population want to be within walking distance of a supermarket.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If your property is located near to desirable amenities then this can only push your rental valuation up the scale.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Facilities and their subsequent locations are very important to tenants and can increase a property&#8217;s value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Check out the full report <a href=\"https:\/\/www.express.co.uk\/life-style\/property\/763837\/Property-demands-Supermarkets-Post-Offices-walking-distance\">here.<\/a><\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><strong>What is the area like?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Clearly, the more attractive the place, the higher the price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nicer areas with cleaner streets, <a href=\"https:\/\/www.police.uk\/search\/?next=policing%3Aforce%3Aneighbourhood%3Acrime%3Aindex\">low crime rates<\/a> and green open spaces are very desirable. If this is on your doorstep, then people will be inclined to pay more for the privilege.<\/span><\/p>\n<h3><b><img loading=\"lazy\" class=\"aligncenter wp-image-14524 size-medium\" title=\"Row of Houses\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/london-street-260x172.jpg\" alt=\"\" width=\"260\" height=\"172\" srcset=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/london-street-260x172.jpg 260w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/london-street-100x66.jpg 100w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/london-street-150x99.jpg 150w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/london-street-200x133.jpg 200w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/london-street.jpg 276w\" sizes=\"(max-width: 260px) 100vw, 260px\" \/><\/b><\/h3>\n<h3><b>Property Features<\/b><\/h3>\n<p><span style=\"text-decoration: underline;\"><strong>Is the property <a href=\"https:\/\/blog.policyexpert.co.uk\/house-home\/furnished-or-unfurnished-which-is-best\/\">furnished or unfurnished<\/a>?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">A furnished property is undoubtedly going to take more rent than an unfurnished property. However, it does come with its own negatives for both landlord and tenant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the furniture is dated then this is likely to deter tenants and high bidders. On the other hand, if you pay for new modern furnishings, then you will have to pay for these and their subsequent repair or replacement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is definitely something to consider as a landlord.<\/span><\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-10886 size-medium\" title=\"Interior of House\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior-260x192.png\" alt=\"\" width=\"260\" height=\"192\" srcset=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior-260x192.png 260w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior-600x444.png 600w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior-100x74.png 100w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior-150x111.png 150w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior-200x148.png 200w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior-300x222.png 300w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior-450x333.png 450w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior-900x666.png 900w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2017\/03\/Interior.png 942w\" sizes=\"(max-width: 260px) 100vw, 260px\" \/><\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Is there <a href=\"https:\/\/en.parkopedia.co.uk\/\">parking<\/a> available?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">This can be a huge selling point.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Parking for some people is a necessary tick in the box. However for others, it isn\u2019t really that important, but it is another reason to increase the total rent amount. The increase, however, is dependent on the type of parking, as a garage is much more desirable than a driveway and considerably more so than a car-park.<\/span><\/p>\n<h3><a href=\"https:\/\/thehouseshop.plentific.com\/\"><b>State of the property<\/b><\/a><\/h3>\n<p><span style=\"font-weight: 400;\"><span style=\"text-decoration: underline;\"><strong>Has the property been recently refurbished? Is it fairly modern or has it been left to<\/strong> <strong>age?<\/strong><\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a property has been well looked after and has had a recent modern renovation, then its worth will increase, as it becomes a more desirable place to live.<\/span><\/p>\n<p><span style=\"text-decoration: underline;\"><strong>What is the ratio of bathrooms to bedrooms?<\/strong><\/span><\/p>\n<p><span style=\"font-weight: 400;\">How liveable is the property? If a property has a large number of bedrooms compared to living spaces then it will not be as desirable for potential tenants. <\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">More space = more money.<\/span><\/p><\/blockquote>\n<h3><b>Desired Tenants<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">All of the above are highly dependent on the type of person you want to occupy your property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Highlighting the features that appeal to your desired audience will increase the desirability of your property and subsequently mean you can charge more rent.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keeping your target audience in mind is key to deciding on your rental income. What would work for both of you? What is realistic for your tenant? What can you offer them?<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" class=\"aligncenter wp-image-14534 size-medium\" title=\"Guess Who Board Game\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/guess-who-260x162.jpg\" alt=\"\" width=\"260\" height=\"162\" srcset=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/guess-who-260x162.jpg 260w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/guess-who-100x62.jpg 100w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/guess-who-150x93.jpg 150w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/guess-who-200x125.jpg 200w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/guess-who-300x187.jpg 300w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/guess-who.jpg 400w\" sizes=\"(max-width: 260px) 100vw, 260px\" \/><\/span><\/p>\n<h2><span style=\"font-weight: 400;\">If you are unsure how the above affect you and your rent valuation, then do your research!<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Check out properties in the same area that have similar specifications and compare them to your property. This will give you a clearer idea of the value of your property in comparison to your competitors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You might also consider your own current situation, if you need tenants ASAP then it might be worth lowering the price bracket to gather more interest in your property.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alternatively, if you are not pressured to find a tenant soon, then you could raise the price to make sure that you get the tenant you desire.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_btn title=&#8221;Free Online <a href=\"https:\/\/www.thehouseshop.com\/rental-calculator\" title=\"rental calculator\">Rental Calculator<\/a>&#8221; color=&#8221;danger&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fwww.thehouseshop.com%2Frental-calculator|||&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">But if, even after all of that, you are still scratching your head, then fear not!<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" class=\"aligncenter wp-image-14536 size-medium\" title=\"Confused man\" src=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/confused-260x178.jpg\" alt=\"\" width=\"260\" height=\"178\" srcset=\"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/confused-260x178.jpg 260w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/confused-100x68.jpg 100w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/confused-150x103.jpg 150w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/confused-200x137.jpg 200w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/confused-300x205.jpg 300w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/confused-450x308.jpg 450w, https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/confused.jpg 500w\" sizes=\"(max-width: 260px) 100vw, 260px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can always turn to a professional for help. There are many <a href=\"https:\/\/www.thehouseshop.com\/book-professional-valuation\">professional valuations<\/a> on the market and they can set your mind at ease.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Most <a href=\"https:\/\/www.thehouseshop.com\/let-for-free\" title=\"letting agents\">letting agents<\/a> offer a free service, with the hope that you will use them for your rental marketing. However, you are not obligated to sign any contracts with them, you can simply take the free professional rental valuation and walk away, feeling much more confident with your newly confirmed rental income.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_btn title=&#8221;Book Your <a href=\"https:\/\/www.thehouseshop.com\/book-professional-valuation\" title=\"Professional Valuation\">Professional Valuation<\/a>&#8221; color=&#8221;danger&#8221; align=&#8221;center&#8221; link=&#8221;url:https%3A%2F%2Fwww.thehouseshop.com%2Fbook-professional-valuation|||&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]\n<h2><strong>Rent Collection<\/strong><\/h2>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;1\/4&#8243;][vc_btn title=&#8221;RentScore from \u00a314.99 a month&#8221; color=&#8221;danger&#8221; link=&#8221;url:https%3A%2F%2Fwww.thehouseshop.com%2Frentscore|||&#8221;][\/vc_column][vc_column width=&#8221;3\/4&#8243;][vc_column_text]Once you have decided on the amount of rent you are going to charge, you need to start collecting it! Check out RentScore, a super-powered rent collection that rewards good tenants with improved credit ratings!<\/p>\n<p>From \u00a314.99 a month you can make sure that you never miss a late payment again. RentScore acts as an incentive for tenants while taking all the stress out of rent collection for the landlord.<\/p>\n<p>Try it out now![\/vc_column_text][vc_tweetmeme type=&#8221;follow&#8221; follow_user=&#8221;@RentScoreUK&#8221; large_button=&#8221;true&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]\n<h2>Renting FAQs<\/h2>\n<p><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/what-are-the-advantages-of-renting-a-furnished-apartment-with-an-agency\/11818\/\">What are the advantages of renting a furnished apartment with an agency?<\/a><\/p>\n<p><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/which-is-better-buying-or-renting-a-home\/6480\/\">Which is better:\u00a0 buying or renting a home?<\/a><\/p>\n<p><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/can-a-rental-feel-like-home\/2761\/\">Can a rental feel like home?<\/a><\/p>\n<p><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/can-landlords-do-credit-checks\/11370\/\">Can landlords do credit checks?<\/a>[\/vc_column_text][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] Unfortunately, the answer is not: \u2018as much as possible\u2019. You need to be realistic about your charges and there are many factors to consider when coming to that final figure. In such a competitive market there is a lot<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/how-much-rent-should-i-charge-my-tenants\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":14535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[10,16,9],"tags":[630,607,627,625,51,605,30,274,413,624,47,52,626],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2018\/02\/property-value.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/how_much_rent_should_i_charge_my_tenants_","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/14508"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=14508"}],"version-history":[{"count":12,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/14508\/revisions"}],"predecessor-version":[{"id":16148,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/14508\/revisions\/16148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/14535"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=14508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=14508"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=14508"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=14508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}