Setting the Right Rental Price: Insights from Wilproperty

As a landlord, setting the right rental price for your property is crucial. It's a balancing act - set it too high, and you risk having your property sit vacant. Set it too low, and you're not maximising your return on investment. Mitchell Wilson, the experienced property manager at Wilproperty, shares his insights on how to set the right rental price for your property in Sydney's Northern Beaches.

Understanding the Rental Market: The rental market in Sydney's Northern Beaches is unique. It's a sought-after location with beautiful beaches, great schools, and a relaxed lifestyle. However, it's also a competitive market, with many landlords vying for tenants. You need to understand the market dynamics to set the right rental price. While listening to the media can provide a broad picture of the Sydney rental market, it doesn't always reflect the local nuances of the Northern Beaches. What are the average rental prices in your suburb? How much are similar properties in your area renting for? These are questions best answered by a local property manager on the ground, attending open homes, and interacting with tenants and landlords daily. Speaking with a professional like Mitchell Wilson at Wilproperty can provide a more accurate snapshot of the local market.

Factor in Vacancy Rates: The vacancy rate is the percentage of all available units in a rental property that are vacant or unoccupied at a particular time. It's important to factor in the vacancy rate when setting your rental price. If the vacancy rate is high, you may need to set a lower rental price to attract tenants. If the vacancy rate is low, you may be able to set a higher rental price

Adjust for the Property's Condition and Features: The condition of your property and its features can significantly impact the rental price. A property that's in excellent condition, with modern appliances and desirable features like a garage or a garden, can command a higher rental price. On the other hand, a property that's in poor condition or lacks desirable features may need to have a lower rental price.

Consult a Property Management Professional: Setting the right rental price can be complex. A property management professional like Mitchell Wilson at Wilproperty can provide valuable advice based on their knowledge of the local market and their experience managing similar properties.

Remember, setting the right rental price is not a set-and-forget task. It's something that needs to be reviewed regularly, taking into account changes in the market and in your property's condition. At Wilproperty, we're here to help you navigate this process and ensure you're getting the best return on your investment. Contact us today to learn more.