5 Ways to Maximise Your Rental Income
If you own an investment property, one of the key metrics to analyse and maximise, is the rental income you are receiving. It’s a good idea to assess your rental property periodically to see if there are any small or simple changes you can make to boost your rental return. For all matters related to rental properties, Canberra investors and property owners can rely on PRDNationwide. We can advise you on the current rental market in Canberra and recommend any features you can add that will command a premium price with tenants. Here are some of our best tips for maximising the potential rental income on your property.
Freshen Up with Paint
A fresh coat of paint is a relatively easy and cost-effective job which is almost guaranteed to give you a higher rental return. Interior painting is the most effective way to improve the look and feel of a home and can transform it from looking tired and outdated to clean, bright and modern. When it comes to repainting, select a simple, neutral colour scheme as this is the best way to create the clean, spacious feel that tenants will love.
Fix the Little Things
A property that looks well maintained will usually fetch a higher rental income. Loose door handles, broken fittings or cracked tiles can make a bad impression. Check that all the small things look cared for and work well. All lights should be working, doors should close properly, taps should be updated with new washers so there are no drips – advertise your property with everything clean and in proper working order. The added bonus to this is tenants will be more likely to look after the property because any damage will be easily noticed.
Give the Kitchen and Bathroom and Quick Makeover
You don’t necessarily need to undertake a complete bathroom and kitchen renovation, and often this is simply not a viable financial investment. Simply replacing cracked tiles, resurfacing benchtops, updating tapware and installing some fresh modern light fittings is all it takes to give the two most important rooms in the house a contemporary new look that will attract high quality tenants, willing to pay a higher price.
Tidy the Garden
Street appeal is vital in achieving a higher rental return. Arriving at a property with an unkempt garden will turn off many potential tenants and could be detrimental to price you can achieve. There’s no need to spend thousands on landscape design, but make sure the garden is weeded and tidy, dead plants are removed and the lawns showed be freshly mowed. Staging with some simple garden furniture is also a great idea as it can help potential tenants to see how they can use the outside space as an additional living zone. Having an appealing garden and usable outdoor space is an easy way to increase your chances of receiving higher rent.
Additional storage space, whether inside the house or out, is a major bonus to renters and can add significant value to your property. Built-in wardrobes, under-stair cupboards and backyard sheds are highly regarded by tenants. Tenants love the fact that they can move and have enough room to store and organise their belongings without having to purchase shelving and flat-pack cupboards themselves.
To Further Boost Your Chance of Receiving the Highest Rent Possible:
- Ensure your air conditioning and heating systems have been recently serviced and are in good working order.
- Consider installing new window coverings (quality blinds, shutters or curtains) as these can make a home feel more expensive.
- Make sure the floors are well maintained – fresh carpet can make a world of difference to the look, feel and even smell of a home.
- Try to have good cable connection for internet and Wi-Fi, and multiple power points to facilitate simultaneous connections across a multitude of platforms – executive tenants will love this.
Good presentation along with consideration of your tenants’ comfort, can mean hundreds of dollars extra in your pocket. This will also encourage good tenants to stay longer and respect and look after your property.
For Expert Management of Rental Properties, Canberra Locals Can Rely on PRDNationwide
If you are after some local insight to make sure you get the right rental price for your property, get in touch with our team today. With hundreds of Canberra properties for rent, we have in-depth knowledge of the local rental market and can help you achieve the highest rental return possible. Call us today on (02) 6262 5232 or send us an enquiry online.