1. What is the Monthly Rent Calculator?

The Monthly Rent Calculator estimates rental prices in Australia based on comparable properties and feature adjustments. It helps tenants and landlords determine fair market rent.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Comparable Rents — Recent rental prices of similar properties in the same area
• Feature Adjustment — Percentage adjustment for property features (positive for superior features, negative for inferior)

Explanation: The calculation takes the average of 3 comparable rents and adjusts for differences in property features.

3. Importance of Rent Calculation

Details: Accurate rent estimation is crucial for setting competitive rental prices, budgeting, and rental property investment analysis.

4. Using the Calculator

Tips: Enter at least 3 comparable rental prices in AUD. The feature adjustment can be positive (for better features) or negative (for worse features) percentage.

5. Frequently Asked Questions (FAQ)

Q1: Where can I find comparable rents?
A: Check real estate websites like Domain, Realestate.com.au, or local property listings for recent rental prices.

Q2: What features should I consider for adjustment?
A: Consider property size, location, amenities, condition, parking, and any special features.

Q3: How accurate is this calculator?
A: Accuracy depends on the quality of your comparable data and appropriate feature adjustments.

Q4: Should I use median or average?
A: The calculator uses average, but median might be better in markets with extreme outliers.

Q5: How often should I update comparable data?
A: Rental markets change frequently, so use data from the last 3-6 months for best results.