How to Compete in a Changing Rental Market
In a changing rental market clearly favouring tenants, how do you ensure your investment property remains desirable to potential tenants? Or if a landlord, how to ensure your tenants are happy and stay put within the property? There is one thing for certain, in this changing property market, tenants tend to have more of an upper hand. With more rental properties on the market, they have the flexibility to take their time and be more choosey in their needs vs wants. In turn, this gives tenants a little more bargaining power.
So what can you do to ensure your investment property remains attractive to tenants? Both potential and existing? Sometimes it just takes that little bit of extra care….
Top Tips to Make Your Rental Property Stand Out
Ensure all maintenance jobs are up-to-date
Is your property in the best shape it can be? Or do you have leaking taps, ripped screens or paint needing tending to? New tenants looking at their potential new home will take note of these things. This will be their new home. They want to know it is well-cared for and has a landlord that keeps up-to-date with any maintenance and repair issues.
How does your property look from the street? Are the garden and lawns well kept? Is the yard free of garbage and weeds? Are the window screens all in good shape? Is the exterior paint in good condition and all exterior lights working? Think of how your property looks to those driving by. Enhance street appeal with some potted plants or addition of a garden bed.
A fresh coat of paint and carpet
Oh how far a fresh coat of paint can go! A fresh coat of paint can instantly take your property from drab to fabulous overnight. It lifts the light, mood and tone of your home and gives it a fresh and welcoming feel for new tenants. If the carpet in your property has seen better days, consider new carpets throughout. At the least, ensure you conduct a thorough carpet clean.
Make the kitchen and bathrooms shine
There are some rooms in a home that instantly attract tenants – the kitchen and bathroom. The kitchen is such a central area of a home where families cook and share meals with loved ones. Make this room the centrepiece of your property. Ensure it is clean and presentable. Make sure all cupboards are on their hinges, sinks and cupboards are clean. It is amazing how much simply adding new handles to cupboards can lift a kitchen. Throw in some luxurious hand soaps and moisturisers on the kitchen and bathroom sinks with some flowers for that added touch.
Above all, in a competitive rental market, it is important to be reasonable with your asking rent. Therefore it is essential that you do your homework. Know what the market around you is doing. What is the going rental rate for a comparable property? How long are they sitting on the market? Remember a few less dollars every week is better than a rental property sitting vacant for weeks or months because your asking price is too high. Check with your Property Manager about conducting a rental appraisal on your property. If your property is currently rented and you are happy with your existing tenants, consider leaving a rent raise on the backburner until a shift in the market.
Chat to your Property Manager to ensure your property is in the best condition possible, with a fair asking rent and you’ll be on your way to finding, and keeping, your ideal tenant.