What should your rental rent for?

Setting the rent is one of the few big calls you make once and live with for a year. Too high and the property sits empty. Too low and you leave money on the table every week. The good news is that the answer is mostly sitting in plain sight.

Start with what’s around you

Look for homes like yours that are for rent in your suburb right now: the same number of bedrooms and bathrooms, the same parking, and a similar condition. Those listings show you the range. Where yours sits in it comes down to the things that set it apart, like a renovated kitchen, outdoor space, or a short walk to the station.

If you want a second view, ask the Propero team for a rental appraisal. Email hello@propero.app with your property’s address, and within 24 hours we’ll send you what it can realistically rent for, comparable rentals nearby, and how to advertise it through Propero. It’s a guide to setting the rent, not a formal valuation, and the final number is always yours.

Price it to lease

A home that leases in the first couple of weeks at a fair rent usually comes out ahead of one that sits empty waiting for a higher one. Every empty week is a week of rent you don’t get back. If enquiries are quiet after the first weekend, that’s worth listening to.

Once you’ve chosen your number

Add the lease to Propero and it builds the rent schedule from it, then tracks every payment against that schedule, so you see straight away when something comes in short or late. Add the purchase price and Propero shows the property’s yield from the rent you set.

When the property is vacant, you’re looking for a tenant, or the lease ends within 30 days, you can advertise it at the rent you choose. Set the weekly asking rent and bond, add photos, write the listing, and list it on realestate.com.au, Domain and rent.com.au for a one-off $199.95 including GST, with no subscription.

Changing the rent later

When it’s time for an increase, enter the new amount and the date it starts. Propero starts the new rent on a rent period, so no period is split in two. Rent you’ve already received stays exactly as recorded, and only unpaid periods from the start date are reissued at the new rate.

How much notice you need, and how often the rent can go up, depends on your state or territory and on the type of lease. Ask Propero Chat and it answers from the tenancy legislation for your state, with the sections it relied on.

Common questions

What is a rental appraisal?

An estimate of the weekly rent your property could achieve, based on what similar homes nearby are renting for. It’s a guide to setting the rent, not a formal valuation.

Does Propero give me a rental appraisal?

Yes, from our team rather than the app. Email hello@propero.app with your property’s address and we’ll reply within 24 hours. Once you’ve chosen the rent, the app builds the schedule, tracks every payment and shows your yield.

Can I raise the rent during a fixed-term lease?

It depends on your lease and your state’s rules. Ask Propero Chat, and it will answer from your state’s tenancy legislation. Propero gives general information, not legal advice.

Propero is free for your first property. Get it on the App Store.