Five tips to increase your rental return
Would you like to increase your rental return this year by $10 or $15 per week? Making a few improvements to your investment property can add great value and also make it much more attractive to prospective tenants.
Here are some ideas you can use to increase your investment property ROI.
1. Install air-conditioning
South East Queensland has sweltered through some extremely hot days and nights recently and we’ve seen an increase in requests from tenants for air-conditioning. If you’re able to install either ceiling fans or an air-conditioner, it could mean the difference between prospective tenants choosing your property or another at the end of their tenancy.
2. Allow pets
Many tenants’ own pets but there are only a few rental properties that are suitable or allow them. If your happy to accept pets in your investment property, you will often find that tenants will pay a premium for this.
3. Storage, storage and more storage
Everyone loves storage in their home, including tenants. If your property doesn’t have built in wardrobes in the bedrooms or garage storage, consider adding them which you can purchase from budget friendly shops such as IKEA or Bunnings.
4. A fresh coat of paint
A fresh coat of paint, new floor coverings or new cupboard doors could increase your rent by 10%. Modernising rental properties will not only increase your rental yield but it also help attract a better quality tenant.
5. Let there be light!
Nobody likes a dark room! Light, bright rooms are far more inviting and look better in photos, so give all fittings a thorough clean and reply dull, yellow bulbs to bright, white bulbs.
If you would like an updated rental estimate on your home or investment property, get in touch with the Coronis Property Management team today.