Setting the right weekly rent can help attract suitable tenants and reduce the time your property remains vacant.
A good starting point is to:
- Research similar rentals: Look at comparable properties currently advertised in your area.
- Compare like with like: Consider bedrooms, bathrooms, parking, property condition, location and important features.
- Consider your competition: Look at what prospective tenants can rent for a similar price nearby.
- Use recent market information: Current rental data can help you understand the market in your suburb.
- Monitor the response: Enquiries, inspection attendance and applications can help indicate how the market is responding to your asking rent.
Avoid setting the rent purely on the basis of your mortgage repayments or other ownership costs. Focus instead on current rental market evidence and comparable properties.
Rental advertising and rent-setting rules vary between states and territories, so make sure your advertised rent complies with the requirements that apply where your property is located.