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Personal finance expert Orford explained to Bored Panda that pricing is pivotal to the leasing process for landlords who invest in rental real estate.
"When pricing properties, I look at comparable properties and offer a slightly lower monthly rent (~5-8%). I've found that offering a lower rent allows landlords to reach a wider audience of qualified renters," he told us in an email. "Similarly, landlords that ask too much will have fewer and less qualified prospects."
According to Orford, properties that show well will attract higher rent. "With that in mind, when a renter leaves, I prefer to have the unit splashed with a fresh coat of paint, cleaned in every nook and cranny, and fix anything that even the most discerning renter might point out."
Meanwhile, we asked the expert for some advice to help tenants get along with their landlords better. "While property managers may appreciate it, landlords typically want to hear from their tenants only on occasion. Landlords are often busy with their own lives," Orford noted.
"For tenants and landlords to get along, expectations should be set before a lease is signed. For example, who pays for the 'day-to-day' maintenance of the home, such as light bulb changes or a clogged toilet? And how does the tenant report issues with nearby tenants?"
Orford shared that, in his experience, there are three main things that tenants can do to get along with their landlords: pay their rent on time, keep the property clean and tidy, and keep communication to a minimum.
"As a landlord, there were times I was ready to throw in the towel. I've certainly had my share of 'bad apples,'" he shared.
"Landlords looking for a more passive way to invest in real estate should consider either hiring a property manager or investing in apartment syndications. A property manager will take most (not all) of the work off the landlord's hands," he told Bored Panda.
"By contrast, syndications allow investors to pool their money with others while letting someone else do 100% of the work. The tradeoff from hiring a property manager or investing in a crowdfunded project is reduced profits.”
Depending on what part of the world you live in, one of your rising concerns these past few years might have been the—frankly, ridonculous—cost of renting an apartment. There is some good news and bad news for American tenants.
CNN reports that the cost of rent has dropped for the sixth month in a row in the United States. There is a caveat, though.
Despite this new downward trend, US rent prices are still more than 18% higher compared to the pre-Covid 19 period. In short, the spike in prices was due to a limited supply of properties and a very strong demand.
This means there was greater competition to rent apartments, meaning that landlords had more power. How the US rental market will change this year and in the further future is unclear.
On the other side of the Atlantic, in the United Kingdom, things are looking pretty grim for many tenants. Rent prices have risen so much these past few years that some tenants have been completely priced out, the BBC reports.
For example, in many major cities, rent rose by more than a third between 2020 and 2023, with an average rise of 30.7% across the country.
Meanwhile, the rise of remote work means that some Brits have chosen to rent larger homes further away from major cities.
As a result, the competition has been fierce to get a hold of properties that have easy transport access to bigger cities. Greater demand means a greater rise in prices. However, it’s the lack of supply that’s the main issue.
The BBC, referring to data collected by property portal Zoopla, notes that rent prices for new lets in Bolton rose nearly 39% in the three years up to the end of 2023. In the last year alone, the cost of renting spiked 15% in the town. Rent rose by 38.9% in Glasgow between 2020 and 2023.
Manchester saw price spurts of 37.8% during the same period. New let rent prices also rose by 36.4% in London, 36.4% in Edinburgh, and 35.5% in Wigan. Rent became 33.8% costlier in Bradford between 2020 and 2023. Meanwhile, Brits living in Rochdale saw their rent go up by 33.7%, while those in Luton saw a similar rise of 33.1%.
Bolton-based lettings agent and the managing director at Miller Metcalfe estate, Stuart Matthews, told the BBC that many rental properties have been getting multiple offers. “The price can be put up by £100 a month, and it still goes,” he said, adding that the past year and a half has been “staggering.”
