In the competitive Perth rental market, renters have more options than ever. This means that you need to do whatever you can to make sure your property stands out among the crowd and attracts quality tenants fast.
It’s great for tenants as they have more choices, but as a landlord it does mean that you’ll have to make some adjustments in how you present your property to maximise your investment. The rental market does cycle like any marketplace, and adapting to the changes can keep you ensure you don’t sink.
First of all, accept that when demand drops, so do prices. You can lower your price and still attract a quality, long-term tenant, and this is often a better option than holding out for a high-paying tenant (and losing income while you wait). Moving a good tenant in sooner for slightly less rent will almost always get you more income from your Perth investment property than if you hold out. Plus you will have more tenants to choose from.
In addition to adjusting your rent, there are also some things you can do to your property to make it more attractive to good tenants. Making sure your property is highly presentable will go a long way toward keeping it occupied. This means completing all necessary touch ups and repairs, including plumbing leaks, painted walls that have seen better days, and anything that needs attention or that might turn a prospective renter off.
With more room to be choosy, tenants are now also looking for more in the way of creature comforts. Air conditioning is a must-have. Other amenities that attract tenants include low-maintenance, attractive gardens, secure parking, solid doors, garage accommodations for their vehicles, locking gates, and dishwashers. High-quality Perth property management services are also effective draws; tenants expect to be treated with care and respect. Paying attention to areas such as these can help you keep your property rented and rental income in your pocket each month, even among stiff competition.
Read an article on: “Stand Out! What Tenants Look for in a Rental Property”