Carrying out a rent survey

This is a great idea to learn more about what the current movement and activity is in your area regarding how rent levels are increasing, how long properties are staying on the market, which neighbourhoods and areas are renting the best, and what sort of features and selling points are attracting applicants.

Be very clear about what your expectations are by carrying out a rent survey. Obviously you will be hoping to pinpoint where your rent level is pitched with reference to the wider market. It’s also crucial for amassing relevant information about the current status of rents in your area, turnover of property, which areas are most popular and how tenants are attracted to a property.

The results will be that this information can facilitate successful rentals. In layman’s terms, this will help you get your property rented more quickly and for the best price, giving you an optimum return for your investment.

Carrying out a rent survey is easy, but can take time and effort. This could last a couple of weeks and may require resources such as newspapers, the Internet and a decent pair of shoes to see you through pavement pounding in your quest for enlightenment.

FIRST THINGS FIRST:
I’d recommend devising a spreadsheet to calculate the data you are going to record and ponder overt. If you have a computer spreadsheet, this will be quick and easy. If you don’t have a computer, (and I can’t believe I actually wrote that, who doesn’t?!), invest in an accountancy pad or customise plain paper with columns.

You’ll need a column for each of the following: full address, telephone number, 1 Bedroom, 2 Bedrooms, 3 Bedrooms, 4 Bedrooms, Square feet, rent per square foot/met