31st Aug 2022|News|Lettings|

How To Price A Property For Rent In Nottingham

With students returning to university, the local job market booming, and rental prices steadily increasing, there’s no better time to invest in Nottingham real estate, especially lettings. So, whether you’re thinking of letting your existing property or purchasing a new buy-to-let property, now is a superb time to do so. That’s why in this piece, we’ll be running you through the things that your agent will consider when pricing your property for rent in Nottingham, so that you know precisely what to look for in your next investment, and what to focus on if you choose to refurbish your unit.

Pricing Determinant One: Nearby Amenities

Property values are significantly impacted by the type and quality of amenities that are nearby. Thankfully for those with property to rent in Nottingham, the city and its surrounding neighbourhoods have access to some of the best amenities in the Midlands, and an abundance of travel options to help you access them. The region benefits from fantastic local railway stations that connect the city and its suburbs such to the broader Nottingham region: Radcliffe, Colton, Netherfield and Beeston each benefit from their own train station, making them fantastic for commuters and helping to boost the price of these rental properties.

Nicknamed the ‘Queen of the Midlands’, Nottingham is home to some of the most renowned and scenic greenery in the country, namely Sherwood Forest, the Arboretum and Victoria Embankment. Direct access to these places – whether by foot, bus or car – will boost the value of your rental property. Centrick also consider proximity to essential facilities such as pharmacists, dentists, GP surgeries, hospitals and supermarkets when it comes to valuing rental properties in Nottingham. The same can be said for access to schools and nurseries, especially if you are listing a family home for rent – if your property is commutable to any of Nottingham’s best schools or nurseries, you can anticipate its rental value to be elevated as it will undoubtedly become more attractive to renters with children. Properties close to Nottingham Trent University or the University of Nottingham will receive particularly high tenant demand, especially HMOs that can house student sharers in Lenton, Wollaton or Beeston.

Pricing Determinant Two: Investment and The Market

Thankfully for those with property to rent in Nottingham, the region has scored an abundance of future investment which is set to boost property values significantly, making Nottingham a great place to invest for purchasers, and a wonderful place to live for tenants. The most significant regeneration for the region is from HS2, which is due to bring plenty of jobs and opportunities to the region. The Places for Growth programme is also set to bring over 1000 civil service jobs into the city, which will inevitably boost rental demand, as will the upcoming Broadmarsh complex which will create over 3000 long-term jobs.

These regeneration projects will have a knock on effect onto the broader property market, which is something else your letting agent will consider when valuing your property. By using trends, statistics and comparables, your agent will be able to come up with an accurate valuation that is justified by an analysis of the local market.

Pricing Determinant Three: Property Condition

Although the broader environment in which your property sits is of great importance, your agent will need to assess the condition of your property in order to come up with a rental valuation.

One of the main things your agent will consider is who your property will be suitable for and how many inhabitants will be likely to move into it, with more bedrooms and more extensive square footage indicating that more inhabitants could share the property, potentially boosting its rental value. Letting agents may also use additional information such as council tax bands and average energy bills to base their valuation upon as they consider affordability for your target audience. Your agent should be able to give you a rough estimate of how much value you will add to your property if you undertake redecoration and renovation jobs, and how quickly you could reap the financial benefits of these amends.

Pricing Determinant Four: What’s Included?

If your property is part of a larger complex or development, there may be additional amenities that prospective tenants can access that could impact the value of your home to renters. Although Nottingham is not short of artisan cafes and state-of-the-art gyms, the inclusion of these facilities within the development can provide a boost to rental value. Such facilities may result in a hefty service charge for property owners, which letting agents like Centrick will take into account on behalf of the landlord in order to ensure that they are not at a financial loss.

Many landlords choose to include bills in their tenant’s rental cost, therefore leaving the responsibility of gas, electric and water bills in the hands of the property owner whilst the tenants pay a higher monthly ‘rent’. If you choose to pursue this route, speak to your Centrick letting agent so that they may advise a revised ‘bills included’ rental valuation.

Centrick Nottingham Lettings

Do You Have A Property To Rent Out?

The lettings market in Nottingham is performing exceptionally well, with high demand but chronic undersupply. Simply put, there’s no better time to list a property to rent in Nottingham to take advantage of this remarkably buoyant market! If you’re looking for an agent that provides free, no-obligation valuations, award winning service and exceptional results for your property portfolio, get in touch with our Lettings Team using the form below:

Nottingham Landlords & Property Developers.