To be direct the average rent in the UK is £960 but according to the location, it may change. For example, the monthly rent in London is much more than this amount. It is £1,680.
It is good to have a source of passive income. However, like most of the owners, maybe you are also confused about the actual amount of rent that you should charge. See, there are the number of factors that play their essential role, and you need to consider them all.
Here are the points that act decisive and affect the final decision on the rental amount.
Rental value of your property
Property value is indeed an important aspect. You cannot just charge anything from the tenant. The rent is always the reciprocation of your actual property value. Some rules and laws stop the property owner from charging more than the significance of their property.
An expert form the property market can help efficiently. Just as you visit a mortgage broker to get funds for the home buying, a local agent can help you to know the actual value of your property. It is better to go to the one that arranged your property viewing and helped in making a final decision. Through its website, you can easily calculate the value of your place, and according to that, it is possible to charge the rent.
Also, know about the average rental in your area
Your property value and the rental value of your area can be different. Every location has its importance. A posh site may earn you a significant amount as the rent even on a one-bedroom flat. On the other hand, an area detached from the mainstream of the city may get only a few pennies for a villa.
Location matters a lot, and this is something that every property owner should know. Sometimes they do not apply logic. They focus on the price of their property. But to be clear, here also you have to be rational and need professional help. A local agent can tell you quickly what is the current rental value in the area.
Real estate market conditions
It is the most dominating factor. Sometimes the logic of property value confirms a high rent, but if the real estate market is down, there is no choice. The rent is sure to drop in numbers during cold conditions. You already know this fact very well and also how unavoidable it is.
It is advisable to wait (if possible) until the market comes back to its normalcy. However, if the wait is too long, it is better to give the place to tenants with some compromise. Something is always better than nothing.
Conclusion
There can be no precise answer as many factors come on the dissection table, and then only it is possible to decide. Stay rational; consider all the aspects as then it is easy to fix a precise amount. Take professional help as that makes the process easy. Just pay a due fee and get things done in a few days. But make sure that in haste you do not choose any wrong agent or tenant.
