Setting the right rent
How to price your rental to maximise income without sitting empty.
Read the market, not last year
The right rent is what comparable properties are achieving right now, not what you charged last year or what you’d like to earn. Research current listings for similar homes in your area, same bedrooms, condition and features, to find the realistic range. Pricing to live demand is what fills a property quickly with a quality tenant.
Avoid the vacancy trap
It’s tempting to push for the highest possible rent, but an extra few dollars a week means little if it leaves the property empty. A handful of vacant weeks can wipe out a whole year’s worth of a higher rent. Often the smartest financial move is to price competitively and minimise the days your property sits earning nothing.
Factor in tenant quality
The rent you set also shapes who applies. A fair, market-aligned price attracts a wider pool of good tenants, giving you the luxury of choosing someone reliable. Over-pricing narrows the field and can leave you choosing between waiting or accepting a weaker applicant, neither of which serves your return.
Review, don’t set and forget
Markets move, so revisit the rent at each permitted review against current comparables. Modest, well-timed increases that track the market are easier for good tenants to accept than a large jump after years of neglect. Steady, fair pricing keeps both your income and your tenant relationship healthy.