How to achieve the best rent for your property

Setting the rental price of an investment property is one of the most significant decisions made during the leasing process. There is a direct correlation between a property’s features and the rental value, and surprisingly subtle updates don’t always have to break the bank.

Here are some key factors to consider:

• Condition of the property. A property that has been upgraded or refreshed, such as flooring, kitchen, bathroom or paint work are favourable to prospective tenants and increase the rental value of a property.
• The location of the property, such as proximity to schools, transport and shops are factors that attract a wide demographic of prospective tenants, with premium locations attracting the highest rent per week.
• Additional features which differentiate the property from the market competition are valued by tenants. This includes undercover parking, outdoor spaces, ample storage, air conditioning, internal laundries and security.
• Having a secure, long-term lease agreement offers tenants rental security and the chance to build a rapport with their property and agency. For the property manager, long term tenant relationships allow for rental increases to be introduced smoothly, in line with market expectations.
• Due to limited stock, pet friendly properties are in demand with prospective tenants. As a result, tenants are willing to pay slightly more for a property that accommodates their beloved pooches. To mitigate any risk to the investor, special conditions and pet related damage clauses can be effective for both parties. 
• Seasonally, rental prices may differ. As a result, listing a property during the Spring or Summer can maximise rental expectations.