Hi Nick Giles here from Prudential Real Estate coming to you with the November 2016
Rental Market Update.
Over the last 12 months we have seen house prices steadily increase, locking buyers out of the market and creating a pool of local long-term tenants. So what does this mean for your rental property?
It means that tenants are now leasing properties for longer periods of time. This is great news for investors, however it also means that tenants expect more when it comes to the condition of their rental property.
No longer can investors get away with not investing in the repair and maintenance of their property consistently. It is necessary for most landlords to re-invest around 5% of annual rent return back into the improvement and repair of their properties.
Great tenants rent great properties in great condition, and the reverse is also true! So what makes for a truly great rental property?
Tenants naturally want to live happily and comfortably in their home, and both the law and tenancy expectations are such that you need to ensure;
– All household appliances are functioning correctly;
– The property offers effective heating and cooling if installed;
– All mould problems and water damaged areas are fixed;
– The property is clean, looks and feels great;
– Light switches are all working;
– Draws and cupboards open and close without clipping and
– Interior paint work is updated…at a minimum.
By attending to these areas and more, you can ensure a great tenant will want to lease your property, which should be the top priority for every residential property investor. Let me help you get more cash from your investment! My advice is free and I would love to visit your property to assess what you can do to get the best results.
Contact me today on (02) 4628 0033.