How to increase the rental value of your investment property

Looking to increase your rental return? There are ways you can do this without breaking the bank and spending a significant amount of time on your investment property.

To get the best rent for your property it will need to be appealing to potential tenants to attract a premium return. Here are a few ways you can increase the value of your investment property.

Complete some minor renovations

Having your property in a neat a tidy condition will not only attract more potential tenants but also higher quality tenants. Taking care of basic repairs is essential, but in addition, you could add value with some minor renovations. This could include something as simple as adding more storage, painting, or upgrading flooring and window furnishings.

If you have the time and means you could consider upgrading the kitchens or bathrooms in the home. Before you undergo any renovations talk to your Property Manager to understand the demographic of your potential tenants and find out what will be most important to them.

Improve your online presence

Attracting a great tenant and rental return is best done with great online marketing. Professional, recent photos of the property are an absolute must to represent your property well online. Your online presence is what will attract tenants to inspect the property and ultimately apply.

Well-written marketing copy for your online advertising will also assist in capturing the key selling points of the property and attracting wonderful tenants.

Consider additions to the home

Depending on the property, you may have the opportunity to add value with additions to the home that will attract a higher rent. The additions that will add the most value are parking, new living areas, more bedrooms, or a study and outdoor entertaining spaces. These additions may not be feasible in your property and may require significant investment and work including council and strata approvals, but they are worth considering nonetheless if you want to increase the rent you receive.

Consider adding furnishings

We are often asked if it is worth furnishing a property to get more rent. It is true that fully furnished properties do attract a higher rental return however they also attract a different type of tenant. Furnished properties may not be in as high in demand as unfurnished properties and tend to attract shorter lease terms.

The amount of rent you receive will depend largely on the quality of the furnishings you select. The property will need to be fully equipped with coordinated furniture including in most cases, kitchen items (cutlery, crockery, cookware etc.) to gain the additional yield. Speak to your Property Manager about the pros and cons of adding furnishings to your investment property.

Appoint a professional and reliable Property Manager

A terrific real estate agent will work hard to get the greatest outcome for your investment, which means selecting excellent tenants who will look after your property, marketing the property well, and providing the best advice so that you can attract the highest possible rental return. A proactive Property Manager will also routinely inspect your property to ensure that it’s being kept well and will be able to advise when the best time to increase the rent would be.

We are for apartments.

Ayre Real Estate are specialists in apartment living and ready to help find your ideal property. Talk with us today to find out more.