Rental markets across the country are as tight as they’ve ever been which is driving up rental prices. However, property investors are also being faced with the sharpest increase in interest rates in decades which is making things equally tough for many owners and hurting their bottom line.
As a result, making sure you’re maximising your rental income is more important than ever. Aside from relying on low vacancy rates to boost competition, there are also some other things property owners can do to make sure they’re getting top dollar for their rental property.
A great way to separate your rental property from the pack is to offer some basic whitegoods. These days, if your property doesn’t come with a dishwasher, many would-be tenants will likely look for other options. Depending on where your property is located, having a washing machine and or dryer could be something that could substantially improve your rents.
Low maintenance gardens
These days as people head back to the office they are once again not going to have as much time to look after gardens and lawns. The easier the home is to manage the more appeal it will have. A nice large lawn is great in a family area and very appealing, but an overrun garden is just another problem for a tenant to deal with.
New carpet and fresh paint
You don’t have to spend a fortune to make your investment property feel new and appealing to tenants. Fresh paint and new carpet can make a huge difference and it also shows the tenants that you are someone who cares about the property’s condition.
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Depending on where you live in Australia, air conditioning or heating are essential parts of every home. In hotter climates installing an air conditioner as well as ceiling fans in every room could boost your rents and cover the cost of the unit in only a matter of weeks. Plus you’ll have a lot more interest in the property when the time comes to find tenants, especially during summer, which is when most tenancies change over.
While many property investors might think that pets can cause damage, the reality is that most pet owners are very focused on maintaining a clean and well-looked-after home. They want a property they can treat as if it’s their own and will actually look after it well. They are also prepared to pay a premium for their pet.
Renters, like homeowners, have a tendency to collect more items than they truly need and storage is always hard to come by. The more storage options your property has, the broader its appeal.
Just like when you want to buy a home, the more light a property lets in the more appealing it is. Consider things like skylights, which can be a great bathroom feature, or glass doors where possible to let in the maximum light. These are also features that will appeal to potential buyers and make the property easier to sell.