An LJ Hooker property manager is best placed to advise you on what sort of rent comparative properties in your area are earning.
They can also advise you of your suburb’s vacancy rate: if there is a lot of vacant properties, increasing your rent may turn off existing or prospective tenants who could find a similar property at a cheaper asking rate.
But a lot of the time, earning more rent is more about what you’re offering tenants, as opposed to what other properties are generating.
Property investment in Australia has changed significantly over the past decade, in line with tenant expectations. Advancements in technology and the comparative affordability of modern-day luxuries mean features like high-speed internet connections and even dishwashers are elements that can influence a tenants’ decision. In many markets, properties which don’t have these features – considered standards by some tenants – could undermine a strategy to increase rent.
For instance, hosting the infrastructure to support high-speed wireless internet will be a determining factor for a tenant who is a professional or student that does a large amount of their work from home.
For growing families, the inclusion of a second bathroom could be a major drawcard, allowing tenants to avoid the early morning queue for the shower or basin.
Security is also a priority for many tenants and the peace of mind which a quality security system offers can encourage tenants to accept a higher level of rent.
And with many people complaining of becoming time poor in their lives, reducing the amount of maintenance on houses – mowing lawns, cleaning pools, watering gardens – can be very attractive. Is their scope in your budget to organise a lawn mowing service; it could very well pay off in the long-term.
An LJ Hooker property manager best knows the local marketplace and can provide you with expert guidance on what will be most attractive and, ultimately, command more rent in the short, medium and long-terms.
But, of course, all the additions in the world mean little if your property is not well presented - change the washers on dripping taps, clear weeds and clean gutters. You will be surprised how attention to detail will attract a better quality tenant.