The dynamics of renting properties has changed over the decades. There are more expectations on landlords in regards to legislation and compliance, with a strong focus on presenting properties in a safe and well-maintained condition. Because of these changes, many tenant’s expectations are high and they want more for their rent.
Investing in property is all about building financial security in the long-term and achieving the highest possible rent in the short term.
So how do you keep up with the changing rental market and avoid falling behind in the competition? Here are our 4 top tips
1. The presentation of the property both inside and out is one of the most important factors. Painting, new window and floor coverings, updating bathrooms and kitchens and new appliances should be factored into your budget.
2. Adding modern conveniences is becoming an expectation for many quality tenants, such as high-speed internet, automated watering systems, dishwashers, airconditioning/heating and security systems.
3. Many people are now looking for ways to save money, which includes minimising utility costs as the bills continue to increase. Rental properties with solar power are becoming more sought after. Likewise the installation of rainwater tanks can also be a real selling point.
4. With the lack of time in many people’s lives, including lawn, garden and pool care in the rent can also be appealing.
If you want to achieve the highest possible rent and attract the best possible tenant, your property must stand out over all the other properties. If the fixtures, fittings and appliances are becoming old, worn out and dated and the property doesn’t have the ‘extras’ it will be reflected in the quality of the tenant willing to live in the property.
Large costly improvements are not possible for everyone. However, gradually improving the property will assist in achieving the highest possible rent. To assist, you may want to consider looking at the equity in your investment to fund these improvements.