There are some simple tips landlords should be aware of in order to increase the desirability of their rental property, not to mention the quality of tenants and potentially the rent price.
Appeal to Tenants Not Investors
Always remember that you are targeting renters not buyers and your aim is to make the rental attractive for quality tenants. Features that appeal to an investor may not be the same as those that appeal to a prospective tenant who are generally looking for comfort, convenience, low-maintenance and good value for money.
Use Professional Photos
With most renters researching dozens of properties online it pays to stand out. Invest in professional photography instead of just taking your own photos as this will instantly increase its desirability.
Properties with clear, high quality, professional photos will give the impression that the property is also high quality and professionally managed.
Especially in Queensland, the majority of tenants will consider air conditioning as a crucial feature and may be the deciding factor between similar rental properties.
Installing air conditioning can be a significant investment, however, a quality unit should last many years, making the initial expenditure completely worth it when compared with years of consistent rental income.
The addition of heating and cooling devices is considered far more important by renters than minor features like attractive tap fittings.
Along with the amenities in your specific lot, it’s important to highlight shared amenities as well.
Whether it’s a pool, a gym, or a coworking space If your apartment property comes with shared amenities make sure they’re being shown off in your rental marketing.
Ensure that the body corporate is taking care of cleaning, gardening and maintenance of communal areas. These areas are extensions of your property and a tenant may choose an alternate property or choose to move if the areas are not clean and well maintained.
Consider Pets (if allowed by the body corporate)
If your body corporate allows pets, you should consider extending this allowance to your tenants as well. Although damage to your units caused by pets may worry you, allowing pets could also lead to additional revenue.
While ‘no pet’ rental policies are common in Australia, at least 46 per cent of renters flagged pet-friendly rentals as important when considering rental properties. Additionally, pet owners are often prepared to pay more to accommodate their pets, they tend to hold longer leases and research has shown that properties with pets on average accrue no more damage than properties without.
Simply put, if your property prohibits pets, you are losing potential leases.
Furnish the Property
While not suitable for every prospective tenant, having a furnished property could vastly improve your rental’s desirability.
Tenants who don’t have much furniture – perhaps short-term renters, divorcees, those new to the area – may be willing to pay more for the convenience of moving straight into a fully furnished home.
Furnished apartments are more suited to certain locations with inner-city and metro-fringe suburbs being more suitable for furnished properties.
Essential items would include a bed, fridge, TV, couch, washing machine, wardrobe and dining table. Furnish the property in a modern, contemporary fashion that will appeal to a broad cross-section of tenants – not just your own personal tastes
Add a Fresh Coat of Paint
One of the easiest and most cost-effective ways to increase the attractiveness of is to add a fresh coat of paint to the walls.
Painting your walls can instantly make your home look brighter. Be safe and stick to a neutral colour: we recommend whites, greys, or other earthy shades.
Fix Any Cracked Tiles in the Kitchen and Bathroom.
Good quality tenants are also looking for good quality landlords. seeing cracked or loose tiles is very off-putting and indicated that the property is not well-maintained.
Replacing loose tiles can work wonders to make your property look more presentable to future renters.
Update Your Flooring.
If you have tatty or dirty carpets, consider getting them cleaned or replaced with fade and stain resistant carpet, or just strip the floors entirely.
If you intend to use hard flooring check your scheme’s by-laws as the installation of hard flooring may be referenced in them.
Don’t Neglect Outdoor Spaces.
Whether you have a balcony, courtyard or garden, it’s vital not to forget these when renovating your rental property.
Check out this article for tips on how to create a balcony garden.
Sustainability is at the top of many tenant’s minds. In fact, 73% of millennials (a massive rental demographic) are willing to pay more for sustainable housing. If your property is making efforts to be sustainable, make sure that it is known.
Consider the following easy steps to go ‘green’:
- Switch to LED light bulbs. LED light bulbs are not only brighter, but they also last longer than their traditional counterparts.
- Invest in better insulation. This will help during the winter when renters are forced to turn on their heaters. Better insulation holds the heat in longer which allows renters to cut back on heater usage.
- Install solar panels. This is a costly project and will take many years to break even. However, this is an investment for the future and a surefire way to show that your property values being eco-friendly.