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What is a rental appraisal?

A rental appraisal is when a property is assessed to determine its rental value on the property market. This is done by property agents who account for factors like the home’s features, its location and the current market trends. Because you’re getting a specialist’s assessment, rental appraisals are useful for maximising your rental yield. They can be done anytime, and RMA offers them as a free service.


Why should I get a rental appraisal?

You should get a rental appraisal to find out the best rental price for your investment property. Picking the ideal rental price maximises your investment. Deciding on a rental price that is too low means missing out on potential income. If you pick a rental price that is too high, it’s harder to find tenants, and you spend longer not earning rental income. Finding the ideal rate to charge is a delicate art that involves balancing a number of factors. Getting a clear idea about your investment’s potential return allows you to plan your finances more effectively. RMA’s property agents are highly experienced and use their expertise to find you a rental price that maximises your investment. And the best part? It won’t cost you a cent. RMA provides rental appraisals free of charge.


What is the rental appraisal process?

The rental appraisal process involves examining all the critical factors that determine what rental price people are willing to pay. Together these give a clear picture of what the demand for your property is

Assessing the property 

Assessing your property involves looking at all of your home’s features. Size is important to consider, with larger homes typically correlating to a higher amount of rent. A higher number of bedrooms usually relays into a higher price and provides space for more tenants. Additional features like swimming pools and backyards are desirable, and people often pay more for a property that has something extra. Then there is the condition of the property, which has an impact on aesthetics as well as safety for potential tenants. All these parts together create a whole picture of your property. 

Assessing the location

The location of a property impacts the potential rental price. Areas that are closer to employment hubs, public transport or amenities like cafes and shopping are more attractive to potential tenants. People’s perceptions are also shaped by the safety and prestige of the neighbourhood, which drives up prices. Certain features may also appeal to tenants more in certain areas. Familiarity with different areas is key in rental appraisal.

Assessing similar properties

Similar properties provide a helpful guide for what you should charge for yours. By finding other properties with similar main features and in a similar location, you can get an excellent frame of reference for the appropriate price range. 

Assessing market conditions

Market conditions affect both the value of rentals and people’s ability to spend money. The rental market is stronger when there are more prospective renters and fewer available rentals. This means you can charge a higher rental price. This is balanced against the state of the economy. When the economy is doing better, people have an increased disposable income, meaning they are willing to spend more. Getting a feel for the market conditions can be a complex process when considering all the factors involved. Luckily, RMA’s property agents are experienced and informed about all things related to rentals


Are rental appraisals accurate?

Rental appraisals give an accurate value assessment for your home. They are conducted by professionals who see many properties and have a strong grasp of the prices people are willing to pay. Property managers are incentivised to find homeowners the best circumstances for a rental, so you can be sure you are getting the right information. 


When should you get a rental appraisal?

There are various times when it makes sense to get a rental appraisal. A rental appraisal is a good idea when you have first bought an investment property and aren’t sure what to use as a starting rental price. If you have done renovations or added features to your property, a rental appraisal may also make sense to see how your property’s value has changed. You may even get one if it has been a while and you want a clearer idea of the rent you are able to charge. There is no bad time to get your property looked at and assessed, especially when it’s free!


How do I get a rental appraisal?

Fill out the form on this page, and one of the RMA team will contact you and organise a free rental appraisal for your home. Zero obligation and years of industry knowledge at your disposal.

RMA Rental Management Australia