Simple and Effective improvements to increase your Rental Yield
We are often asked for easy, simple ways to increase the rental return on owner’s investment properties. There are many options for landlords to increase their rental yields that are relatively cheap and straightforward. Just Rent Sydney has compiled a list of these ‘rent increasers’.
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Paint – Painting your house or unit is a very effective way of increasing the properties appeal and add instant impact. Using neutral tones is advised to appeal to the largest audience of renters. Feature walls are great for an easy dramatic impact in room.
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Extra lighting. Adding a heating light to the bathroom. This is a very simple and effective way of potentially increasing the rent for your rental property. You can have a heating light supplied and installed for under $400.
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Adding down lights is another effective method of modernising your investment property.
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Creating another bedroom. If the layout of your house or even apartment allows then adding another room can dramatically increase your rental return. You could fairly easily turn a 2 bedroom property into a 3 bedroom property and increase your renting audience from a couple to a share house or a family.
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Tidy up the garden. Mowing the lawn, pruning the shrubs, weeding and generally tidying up your investment properties garden can create that instant appeal effect for potential renters. Turning that extra garden space into a lawn will appeal to the family market. Creating a low maintenance garden will appeal to the vast majority of tenants.
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Laying new carpet. New carpet will make a huge difference to the appeal of a property and increase the demand from renters. Carpet does tend to get old and worn in an investment property and will need to be replaced every few years. Another alternative is to lay floating floorboards to add a modern touch.
These simple yet effective methods can help drastically improve your rent received for your property and therefore your rental yield.
Cosmetic improvements can go a long way to adding value to your property as well as increasing your rental income. A good rule of thumb is to use neutral colours and practical additions making sure not to personalise your renovations too much. Bear in mind the renters most likely to let your property and what they would find useful and practical.
For example if your are looking to rent a 3 bedroom house in say Balmain, Annandale or Glebe in inner west Sydney then your typical tenant looking to lease your property would be a young family. In this instance you would be wise to create a useable garden space for kids and keep the fixtures and fittings straightforward. On the other hand if you were to rent out a 1 bedroom unit or apartment in Bondi, Coogee, Manly and other beach suburbs, renovate your property to the liking of young couples. A bit more funky and modern would be fitting; feature walls create a great impact and are cheap and easy to do.
Adding simple property improvements are a great way to increase your rental properties return.
JustRentSydney - Investment Property management experts.