Rentright.co.uk have launched a new and improved RRPI tab available for public use. The ‘Residential Rental Price Index’ can tell you average rental prices in areas across the country.This is a great tool for first time renters or people who have relocated and are unaware how much they should be paying in certain places. On the Rentright site you have the ability to narrow down RRPI as much or as little as you wish, (Country, county or town RRPI) Users are also able to narrow down the search further to ‘number of bedrooms.’ A great tool for agents, landlords and tenants!
Property Type: All Property Types in England
Average Rental Prices for April 2010: £1125
Average Rental Rates for May 2010: £1127
Average Rental Prices for June 2010: £1176
Its always difficult to tell a landlord that they are being unrealistic about how much rent they can expect to get from a property and therefore its a good idea to have tools at your disposal to show much in reality a particular property can be rented out for.
below are identified just a few of the many ways in which a rental value can be placed on a property
1. Location – has property been/is rented out in the street or area before, this will give an indication of what rent can be set. This can be checked using various internet sites as well as the
RRPI, or residential rental Price Index, and also see if any other property is available from other websites to help.
2. Condition – the condition of a property is really important, Tenants are more particular than ever before and a new kitchen or power shower will make a property more desirable than any similar priced property without these features.
3. Be flexible – if a tenant wants to stay in a property longer then be flexible to negotiate and make sure you know what the lowest amount of rent the landlord will accept. It is far better to have a property rented to good tenants who will look after a property for a long period than getting a higher rent from ones who do not want to stay for so long and will not look after a property quite as well.
obviously as a letting agent you probably knew this already and we are teaching you to suck eggs but its always worth acknowledging the building blocks of any business.
