With the Perth property market recovering slowly from a recent downturn, competition for lessors has increased.
As an investment property owner, you should be looking for ways to make your property stand out from the competition by increasing its appeal to tenants. Whether it’s giving your property a simple face lift or changing your rental policy, small changes could make a big difference to your overall rental yield. Here are six simple changes you should consider increasing rental returns on your Perth investment property.
Consider installing modern appliances
One way to draw in potential renters and increase your rental yield is to upgrade your current appliances. An old oven with a broken seal isn’t going to win over potential renters. Trading in old, worn appliances for newer models will instantly make your property feel more modern, giving investment property owners the opportunity to list their rental at a higher price, and increasing rental yield as a result.
Think about adopting a pet-friendly policy
Allowing pets into your investment property may open up your rental to a wider range of potential tenants. Over half of the Australian population own pets, so by allowing furry friends in your property policy, you are increasing the number of potential renters, and potentially attracting long-term tenants who are interested in staying for a longer tenancy period.
Make those much-needed updates
If you’ve started to notice your Perth rental property is looking a little worse for wear, or have had comments from your Perth property manager about an increasing number of maintenance issues, it might be time to renovate. These renovations could be as simple as a fresh coat of paint and new fixtures, or perhaps some more major updates if you’ve invested in an older property. Renovating your Perth investment property is a great way to make it more modern and desirable to potential tenants and adding better quality facilities will allow you to increase rental rates and therefore significantly increase your overall rental yields.
Make sure tenants have sufficient storage
The amount of storage required for your tenants largely depends on the type of investment property you have. Units and apartment complexes are typically smaller spaces, with potential tenants requiring adequate room to store their items without becoming cluttered. Ensuring your bedrooms, bathroom, laundry and kitchen have enough shelving and cupboard space to house a potential tenant’s items is a must for smaller properties. Something as simple as inbuilt wardrobes could increase your rental yield as they save precious space in a smaller property.
Market the property well
Not all changes need to be made physically to the property. Marketing a property doesn’t start with the first viewing, it starts with the online listing. Using a professional photographer to shoot your property will help attract more interest online, increasing the number of potential tenants at your rental viewings. Having a lot of potential renters at a viewing could help you achieve your set rental price (or higher) as there is obvious competition for the property.
Hire a great property manager
Marketing, renovations, and maintenance improvements can all be made simpler with the help of a great property manager. Hiring a Perth property manager will allow you to get insightful knowledge of the area in which your investment property is located and the types of tenants your property could attract, in addition to ensuring your property is properly maintained through regular inspections.
If you are seeking advice on how to increase your overall rental yield, the professional property management team at Rentwest Solutions can assist you in reaching your investment goals. With years of industry experience managing investment properties, the Rentwest Solutions team can offer expert advice on simple ways to increase your rental yield and attract the right tenants.
For more details on our property management services, or for advice on increasing the rental yield on your Perth investment property, get in touch with the team at Rentwest Solutions via [email protected] or call us on 08 9314 9888.