With running a property portfolio in the private rented sector essentially the equivalent of operating a full-time business, landlords have to dedicate a lot of their attention to ensuring income stays above expenditure.

So as they budget for everything from void periods to tenant payments and keeping up with their own buy-to-let mortgages, one of the most essential things for them to consider is their rent prices.

And while the current conditions in the market mean rents are continuing to rise as a result of high demand and low supply, one expert advises that landlords should guard against getting too carried away when it comes to increasing the amounts they charge their tenants.

"There is a limit to what people can pay and a landlord ought to think carefully about this," said David Lawrenson, private rented sector expert at LettingFocus.com.

"It is better to have someone who is paying regularly and appreciates the place, rather than trying to go for the maximum achievable and then finding that you can't let the place and can't fill it. Then you have got a void [period] or you might have arrears."

Considering that void periods can leave landlords struggling to find suitable occupants to fill their tenancies, it's vital that they hold onto their existing tenants if they have already proved reliable and trustworthy.

But if landlords are unable to resist the temptation to increase their rents to record-breaking levels, the risk is that they find themselves having to address problems with arrears and even experience losses as a result.

As such, it seems the key is to strike a balance between setting rents that return impressive profits and enforcing prices that push people's finances to the brink.

And as well as making sure they get their rent charges right, investors can purchase landlord insurance policies to guard against the cost of damage to their assets which may require essential repair work.