Thereâ€™s gold in residential leasing thanks to the constant migration of Filipinos from one location to another, and of course, the growing tourism industry thatâ€™s also paving way for increased rental demand. People invest in numerous properties and then rent them out for some extra cash. Property portals and websites like Airbnb can help prospective tenants find properties for rent easier.
There are many things to consider when entering the world of residential leasing. One of which is the price of the property. How much should you charge the rent for your property? Whatâ€™s the right competitive price that perfectly fits both you and your tenant? Here are some things to consider before setting your price.
Know the rates of similar properties
Consider how much other owners are charging their tenants. It may be hard for you to find a tenant if he or she finds out your rate is higher when compared to similar homes. Look to property websites like Dot Property to see a rental estimate for specific locations.
Look at your amenities
Aside from the number of bedrooms the property has, you should also base the monthly rent on how desirable the property is. Amenities such as a balcony or an extra window can make a difference. However, it is usually common area facilities, such as a swimming pool or clubhouse, that really stand out. If a development has these, you can usually charge a little more per month.
Learn the market
The rental price of your property should change every now on then based on the current market. The rule of thumb is the higher the demand for the property, the higher the price of the rent should be. For example, summer season means that more people would want to rent properties that are located near beaches or other tourist destinations. This is just the perfect time to increase your propertyâ€™s rent.