When the rental market stagnates, investors have to turn to innovative solutions to secure higher rents.
Rather than just sitting and waiting for the market gods to shine, why not make simple improvements to your properties that will have tenants happily throwing extra money in your direction.
The right sort of improvements can easily pay for themselves in a couple of years through depreciation, increased rent and fewer vacancies.
Here are nine relatively simple things you can do to your property that tenants will love and happily pay a bit extra for.
1. Install air-conditioning
This is always high on the list for tenants in Perth and other sunny places, especially when summer is approaching.
2. Add a dishwasher
Nobody likes doing the dishes, so tenants will often pay a bit more for the convenience of a dishwasher.
3. Give the car a home
Most people greatly value their cars, so providing a simple shade sail or carport structure can make your property more valuable in the eyes of potential tenants.
4. Provide a bit of extra security
Every rental property must have certain security features like door and window locks, but providing extra things like sensor lighting and security screens can help increase the rent you can charge.
5. Allow pets
Given how many people own, or want to own, a pet, opening your rental property to pet owners can help increase your returns by widening your pool of potential tenants.
6. Do a quick paint job
While not as easy as some of the other items on this list, a new paint job can do wonders for the appeal of a property and even increase its value.
7. Tart up the outdoors
Tenants tend to value useable and attractive outdoor space, so if you can create some without too much trouble it can pay off financially.
8. Install new carpets
There’s something about new carpets that tenants just love.
Maybe it’s the smell of virgin ground.
Whatever the reason, tenants will often pay for the privilege.
9. Offer a long-term lease
This is something you may not have thought about, but some tenants would gladly pay a bit extra for the security of a long-term lease.
It can be very costly to have to move every couple of years.
Speak with your property manager who can provide the best advice about how to maximise your rental returns in the current market conditions.