All property investors want the highest rental return. There are steps you can take to make sure your property is not only leased long term, but also achieving your desired rental return. Here are some important tips on increasing rent.
1. Provide your property with some TLC (tender loving care) – If you can take some time to maintain your property and make it look more presentable, you are likely to attract more tenancy demand. Here are some simple examples below:
- Cleaning windows and wardrobes
- Painting the property
- Re-grouting the kitchen tiles
- Replacing a front door
- Replacing the window furnishings
This will ensure your home is inviting and ready to be occupied. If you are unsure who to contact, your Property Manager will have some reliable sources who can offer a quote to help.
2. Allow household pets – Another way to increasing rent is by accepting tenants with pets. This makes a tenant very happy to consider paying an above average rent. Many people love their pets unconditionally. For this reason they will pay an extra cost if their pet is equally invited to live in the home.
3. Home security – Every rental property should have simple security measures. Items such as window locks, security doors and a secured car space are highly desirable. However, offering extra security will have a tenant pay more to live in your investment property. Some examples include:
- An installation of an alarm system
- An intercom system
- Sensor lighting (particularly outside)
These additions will certainly capture a tenants attention. Having the reassurance of security can certainly increase your rental asking price.
4. Improving the outside of the property – This is heavily underestimated. Many Australians enjoy spending more time outdoors. This doesn’t only influence families and their children, but also couples who like entertaining outside. Some examples include:
- Cleaning the garden (such as trimming hedges, planting new fresh plants, weeding etc)
- Fixing the lawn (weeding, seeding more grass etc)
- Cleaning the ground courtyard or balcony
There are many idea to improve the outside of the property. They can go a long way to increasing rent.
5. Use a good photographer – We are all visual people. Looking at some images will help us greatly in making a decision to move in. Winter is of course a harder time to showcase the home’s natural light, but a professional photographer will know how to capture the right photo at the right time. Your Property Manager will have some reputable photographers who can help.
On a final note, plan your lease renewal ahead. Spring is a popular time to buy and/or lease. Aim to extend your lease agreement so that it expires in Spring. This will reduce the vacancy period of finding a new tenant and potentially offer an increasing rent return.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
June 2018
