How To Present Your Rental Property To Gain Tenant Retention
In today’s rental market we are seeing an all time high currently sitting at 7.3% vacancy rate!
Landlords are urged to meet the rental market in terms of rent as well as renovating your rental property for maximum attraction.
We’ve put together our Property “TOP TIPS” for renovating/presenting your rental property for maximum tenant attraction and retention.
Air-conditioning & Ceiling Fans
Without a doubt the most commonly requested item(s) by both sitting and prospective tenants. Providing tenants with sufficient, energy efficient heating & cooling for your home is very important
For some tenants this can be a real deal breaker. Whilst some kitchen layouts may not accommodate in present state, if you’re considering a kitchen renovation in the future, put this must have item at the top!
Verticals, venetians, curtains, romans, timber slats or roller blinds? There’s a huge selection to choose from and we would suggest keeping it uniform and compliant. There are some great “modern” roller blinds on the market that have a simple chain mechanism to open & are easy to wipe clean. Alternatively new curtains from the ongoing Spotlight sales is an easy fix to modernise a home and give it the “home feeling”.
Storage, Storage & Storage
Built in wardrobes, kitchen cupboard space, garden shed storage are all highly desired and a must for tenants with a family. For older style homes that typically have minimal in-built storage, adding attic storage could be a cost-effective option. Also, consider free standing cupboards and robes which can be very inexpensive and reduce wear when moving in and out of the property.
Something as simple as not having a remote garage will prevent a tenant taking up residence in your home. These little ‘easier life hacks’ will ensure they remain more comfortable in your home for longer.
Nothing can be more off putting to a prospective tenant than dirty, scum filled grout to remind them of the previous occupancy. Re-grouting or professional cleaning of grout can make the world of difference and improve appearance of your bathroom ten-fold.
Low Maintenance Gardens
Whilst low maintenance reticulated gardens are very popular among renters offering a regular garden maintenance service for those time poor tenants can be super attractive. Don’t overcapitalize in this areas but low maintenance plants and easy care gardens or potted plants is an easy way to bring in colour to courtyards and give that “home feel’!
Having your property painted with no signs of settlement cracks or chips to the walls shows the property is well cared for and will also attract like minded tenants.
Re-Surface Cupboards & Handles
By replacing handles to doors or cupboards is an inexpensive way to modern older parts of your home without carrying out a full renovation. Replacing chipped cupboard doors in kitchens or even painting them can brighten up any home.
Remember, if you invest in capital items for your investment property, you should be updating your depreciation schedule and ensuring that you claim the maximum possible depreciation.