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Calculate the costs that must be covered
Start from fixed and recurring costs: maintenance, cleaning, electricity and water if the owner pays, taxes and any instalments. The rent should cover these with the margin you set.
Consider location and local comparisons
Distance to campuses, offices, shopping centres and transport affects appeal. Look at the prices of similar properties nearby, then compare the facilities offered, not only the price.
Value facilities honestly
Air conditioning, a private bathroom, a kitchen and furniture add value. Separate facilities included in the price from those that are extras.
- Facilities always included, such as Wi-Fi
- Optional services billed separately, such as laundry
- A well-kept and clean building
Offer a choice of rental periods
Some tenants prefer monthly, some yearly, and short-stay accommodation needs a daily price. Offering several options widens your pool of prospects. Decide for yourself whether to give a discount for longer periods.
Review periodically
Watch the occupancy rate. Units that are always full and fill quickly suggest room to adjust the price, while units that stay vacant for long need a review, of both the price and how they are presented to prospects.