When it comes to leasing property, the ultimate goal is maximum rental return. There are many simple ways to maximise the return on your investment, but research is key. Speak to your local Property Manager for valuable insights on what type of tenant you should be targeting in your particular market. Understanding what features will appeal to these tenants can help you focus your efforts and finances.
There is a strong correlation between the presentation of a rental property and the price it can command. Here are some high-impact, relatively low-cost improvements that will attract prospective tenants, and boost your rental return.
If you’re looking to create maximum bang for your buck, you can’t go past a coat of paint. Paint is a simple, inexpensive way to give your property an instant lift. Choose light, neutral shades to brighten the space and create a blank canvas that will appeal to a broad range of tastes.
2. Refresh the flooring
Clean, fresh-looking floors create a great first impression. Steam clean or replace carpet, sand and repolish timber floors, or lay new tiles to dramatically improve your property’s appeal.
3. Update kitchens & bathrooms
They say kitchens and bathrooms sell properties; they also help lease them! Tenants like kitchens and bathrooms to feel clean and modern, so it’s worth considering a few simple updates to maximise their appeal. Cost-effective improvements include replacing benchtops, modernising fixtures and fittings, replacing/repainting cabinetry and updating appliances.
4. Add storage
Inadequate storage space can be a deal-breaker for many tenants, so extra storage is always a good idea. Consider installing built-in wardrobes, a backyard shed, shelving, or storage under the stairs.
5. Include creature comforts
Little extras can make all the difference to some tenants, who are willing to pay more for these inclusions. Aussie summers can be brutal, and air-conditioning is make-or-break for many people; so it’s definitely worth considering. Dishwashers, wireless internet and security systems are also in high demand.
6. Create off-street parking
With parking often in short supply, it is wise to provide a car space wherever feasible. Adding a driveway or carport will attract a wider range of tenants, and fetch you a higher rental return.
7. Make it pet-friendly
Australia has one of the highest pet ownership rates in the world, yet on average, around 60% of rental properties have a no-pet policy1. It goes without saying that pet-friendly properties are in high demand. People love their pets, and are often willing to pay extra for a rental property that will accept them. However, pets can pose a risk to landlords – so if you are considering a pet-friendly lease, ask your Property Manager to place some conditions in the contract in order to safeguard your property.