How To Price A Property For Rent In Solihull

Solihull real estate is booming, with the rental sector being especially competitive for home movers, making it increasingly appealing to list your property for rent in Solihull. As the West Midlands job market and rental prices continue to grow, there is simply no time like the present for Solihull property owners to explore renting out their property! Whether you’re considering letting out your existing property or purchasing a buy-to-let unit, now is a superb time to do so. In this piece, Centrick will be revealing the top four things your agent or valuation expert will be considering when it comes to setting a monthly rental value for your unit, so that you know precisely what to look for in your next investment, and what to focus on if you choose to refurbish your property.

Pricing Determinant One: Local Facilities

Recent research has indicated that property values are significantly impacted by the type and quality of amenities that are nearby, such as parks, schools and travel networks. This is one of the reasons that properties in Solihull are so sought after, as the town is abundant with beautiful green spaces, award-winning schools and travel facilities, to name just a few stand-out features! Here are a few nearby amenities to consider that may add value to your property for rent!

Travel

As much as Solihull renters will undoubtedly love their new home, there will be times when they need to leave the area via one of the town’s transport networks to go to work, school or simply on a leisure trip. Thankfully, Solihull is easy to navigate with its vast array of bus routes, trains and motorways – the A41 runs to the north east of the town centre, leading directly to the centre of Birmingham. There is also a substantial local train network, with stations at Shirley, Birmingham International, Acocks Green, Hampton In Arden, Olton, and many more. What’s more, Solihull is home to Birmingham International Airport, making the region ideal for travel-seekers or businesspeople requiring international travel.

Healthcare Facilities

Proximity to hospitals, dentists, GP surgeries and pharmacies is both convenient for tenants, whilst also giving them peace of mind. Thankfully for Solihull locals, Solihull Hospital sits in the centre of the town and is easily accessible for the town’s residents.

Educational Institutions

Properties within close proximity to nurseries, primary or secondary schools are fantastic opportunities for families that wish to be within a specific school’s catchment area. Solihull offers both private and public educational facilities, with Ruckleigh School, Solihull School and Eversfield Preparatory School being fantastic private options. The region’s many public school offerings include the Tudor Grange Academy, Arden School and St. Peter’s Catholic School, each of which have been rated ‘outstanding’ by Ofsted.

Similarly, rental offerings close to higher education facilities are sure to be snapped up quickly by students, who will typically look for 12-month lets. Solihull College and University Centre is the main university facility in Solihull, but the fantastic connectivity of the region puts a range of other universities within touching distance: The University of Birmingham, University of Warwick and University of Coventry are all less than 20 miles away.

Essential Shops

Supermarkets, post offices and corner shops are facilities that we all use, some of us on a daily basis. It is therefore incredibly beneficial for these essential shopping facilities to be nearby! Solihull town centre offers an abundance of retail outlets that go beyond your small local corner shop: the Touchwood Shopping Centre offers dining, a cinema and retail stores in the heart of Solihull, saving you a journey to Birmingham’s Bullring!

Pricing Determinant Two: Local Investment

Thankfully for those with property to rent in Solihull, the region has scored an abundance of future investment which is set to boost property values significantly, making it 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 and will slice the average journey duration between London and the West Midlands to less than an hour. On a more local level, Solihull is expected to benefit from the West Midlands tram network in its next stage of expansion, making Solihull easily commutable to all parts of Birmingham, Wolverhampton, and everything in-between!

This will undoubtedly contribute to Solihull’s already fantastic track record when it comes to talent and employment acquisition, with the region already having job density 22 per cent higher than the national average. This 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 Solihull rental market.

Pricing Determinant Three: Property Condition

Although we’ve established that the neighbourhood and environment surrounding your property is extremely important to determining property value, what’s inside counts too! This is why your estate agent will carry out a thorough evaluation of your property and its associated outdoor space in order to give you an accurate valuation, as well as provide you with any advice on how to boost your property’s rental value before it officially comes onto the market.

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: more bedrooms and greater square footage indicates that more inhabitants could share the property, potentially boosting its rental value. This is especially true for HMO’s and shared accommodation that may be close to educational institutions such as Solihull College and University Centre. Letting agents may also use additional information such as council tax bands and predicted energy bills to base their valuation upon as they will consider affordability for your target audience. Lastly, a good rental 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. Whether you’re willing to refurbish your entire home and garden, or simply want to give your walls a fresh lick of paint, your estate agent will be able to help you make the most beneficial choice.

Pricing Determinant Four: What’s Included In Your Property For Rent?

If you are listing a unit that is part of a broader complex or development, it may come with access to a variety of additional amenities such as gyms, communal gardens, concierge services or on-site dry cleaners, among other features. This can dramatically boost the rental value of your property, as your unit will come with ultra-convenient features that make the living experience for tenants far more luxurious. You may also have to pay a premium service charge on your property, which should be reflected in your rental asking price.

Ready to list your property for rent?

The lettings market in Solihull and across the broader West Midlands is performing exceptionally well, with high demand but chronic undersupply. If you’re looking for a letting agent in Solihull that provides free, no-obligation valuations, award winning service and can generate exceptional results for your property portfolio, get in touch with our Lettings Team using the form below: