7 factors to consider when setting rent in East Yorkshire

When determining the optimal rent for a property in East Yorkshire, several factors should be carefully considered. There may be a temptation to pluck a nice-sounding number off the top of your head, something that covers the mortgage with a tidy little extra on top.

Watch out though, price yourself too high and you're unlikely to find a tenant, and if you do it could take a long time with costly void periods. Price yourself too low and you're selling yourself short, you might be able to cover the mortgage cost but you may end up breaking even, or making a loss overall with other costs to bear.

We've cherry-picked 7 of the biggest contributing factors to help you find the right rent:

Local market trends:
- Research comparable properties: Analyse rental prices for similar properties in the same area.
- Track market fluctuations: Stay updated on recent trends in rental prices and demand.
Property features:
- Size and layout: Consider the square footage, number of bedrooms, bathrooms, and overall layout.
- Condition and amenities: Assess the property's condition, including any upgrades or special features like a garden or garage.
Location:
- Proximity to amenities: Evaluate the property's location relative to schools, shops, transportation, and other conveniences.
- Neighbourhood desirability: Consider the overall appeal and desirability of the neighbourhood.
Demand for rental housing:
- Local demographics: Analyse the population demographics of the area, including the number of renters and potential tenants.
- Seasonal variations: Assess whether there are any seasonal fluctuations in rental demand (e.g., students during the academic year).
Economic conditions:
- Local job market: Consider the employment rate and average income levels in the area.
- Economic outlook: Evaluate the overall economic health of the region and any potential factors that could impact rental demand.
Rental regulations:
- Rent control laws: Check for any rent control regulations that may limit the amount you can charge.
- Tenant protection laws: Understand the rights and protections afforded to tenants in East Yorkshire.
Your investment goals:
- Return on investment: Determine your desired return on investment and set the rent accordingly.
- Long-term strategy: Consider your long-term plans for the property, such as whether you intend to sell or continue renting it out.

That all sounds like a lot doesn't it? Perhaps you hadn't considered how much there is to consider to find the perfect balance. Despair not, at Ultralets we have been securing strong market-rate rents for our clients since 2009. We're dedicated to East Yorkshire, and ensuring all of our landlords with properties in the area secure the best rent possible.

Sure, you may be able to set yourself a competitive and fair rental price for your property in East Yorkshire, but why go through the hassle? Choose Ultralets to let, manage and maintain your portfolio, all you need to do is reap the rewards.

Give your Lettings Manager, Jake a call or drop him an email today ✉️

Posted By

Jake Astill