Awareness of rental value 'crucial'
News Category: Management
Published: 03-Sep-2008
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It is "crucial" that landlords are aware of the rental value of their residential lettings, according to the Residential Landlords Association (RLA).
According to Rentright's Residential Rental Price Index, average rent in the UK stood at £588 per month in August 2008, down by more than £200 compared to August 2007.
Alan Ward, director of the RLA, suggested several ways that landlords can ensure they price themselves in line with the competition.
He said: "Local rents vary so check in the press, on websites and with letting agents.
Mr Ward also warned that rental prices will vary depending on the type of tenant.
"A student house will get more than a family, but you generally only get ten months from students unless they pay a holding rent for the following year," he added.
UK rent has already fluctuated significantly this year, averaging £577 per month in July and £636 per month in June.
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