How to set the asking rent when advertising for new tenants

When you know approximately what your property is worth for rent in the current market (estimated rent), you can use this figure to help determine what you should advertise the property for.

You should consider;

• How much time until the property becomes vacant (and you lose money every day someone is not in there paying rent)
• The current demand for rental properties in the area
• Your risk appetite
• The types of tenants you want to attract

For example, you may like to set the asking rent on your advertisement higher than the estimated rent if you have more than three weeks before it becomes vacant and there is high rental demand.

If you have over 3 weeks before the property becomes vacant, you have more time to adjust the price if you don't get enough enquiries (1 enquiry per day is a good benchmark).

If your property is vacant and available for rent now, you may decide to advertise the property at just under the estimated rent amount.

If your property attracts higher risk applicants, eg group of young adults you may like to set the asking rent above the rent estimate.

If you want to attract high-quality applicants, in most cases we suggest adverting the property at the estimated rent or just below.