Simple Steps for Increasing Rent Rates
Sometimes prime property can give you very low returns, in terms of rent. In such a case, you might find it hard to manage the expenditure for basic upkeep, what with such a low rental return. But you can definitely charge a higher rent rate, only if you keep a few real estate essentials in mind.
Location is vital when it comes to determining your rent rate. Once you’ve picked a good location, connectivity is the next feature that can add to the rate you charge. CEO of Indiaproperty.com, Ganesh Vasudevan says that properties near malls, colleges, schools, and IT corridors are the preferred choice among tenants. Properties near luxury commercial sections can also get you premium rent rates, he adds.
Co-founder and CEO of CommonFloor, Sumit Jain says that being aware of the target audience is vital, when renting apartments. While a 650 sq. ft., 2 BHK residential unit might be an average size in Mumbai, Bangaloreans will consider that size too small.
Certain cities like Chennai also pay around Rs. 4,000 more for a separate puja room, while Delhi tenants pay more for houses in gated communities. Just like independent houses, serviced apartments and vacation homes can bring in a lot returns, with a little tweaking. While serviced apartments need to be completely furnished and equipped with basic amenities, vacation houses need to have kitchen staff, security, and housekeeping. Knowledge about the tourist seasons is also vital for a profitable vacation home.
Source: The Hindu Business Line
low rental return, prime property, property for rent, Property in Bangalore, property in Chennai, property in Delhi, property in Mumbai, Real estate prices, Renting apartments, tips for Increasing Rent Rates
