With the rental crisis easing in many centres of Australia, landlords and property managers are again battling to find high-quality tenants.
For the first time since the arrival of Covid back in 2020, renters have an increasingly wider selection of properties from which to choose.
And while rents are still expensive – especially in the capital cities – investors and landlords need to think strategically to minimise the period their properties may stay empty between tenants.
One of the best approaches is to focus on giving prospective tenants the type of lifestyle experience they aspire to.
Enhancing your property will not only improve your chances of maximising rental income but add to the capital value of your property.
And whether you’re upgrading an apartment or detached house, you should be able to gain certain tax advantages. Depending on the improvements, they may be deductible or amortised over several years.
You should also consult with a professional financial adviser, accountant or licensed tax expert to ensure you gain the full benefits of being a property investor.
Here are seven ideas to improve your property to appeal to potential tenants:
The new black – Swapping out old kitchen fixtures for trendy black hardware will tick the box for many young tenants. And you don’t need to confine the update to the kitchen. Installing new taps and drawer handles in the bathroom and laundry will also make an impact. You could say, black is the new black.
On display – Open shelving is another popular feature. You can position shelves in the living room and kitchen. With somewhere to display their personal mementos and photographs, your tenants will be able to turn their rental into a home.
Be energy cool – If you’re seeking the younger demographic, installing energy-saving devices will have pulling-power. You don’t need to go to the expense of investing in solar panels. App-controlled smart lighting systems are a big favourite with young renters. They can use their phone or voice assistant to change the colour and brightness of the smart bulbs.
Go green – Dressing an apartment patio, or tidying the house garden, will attract many renters who appreciate a place to relax and enjoy the surroundings. Even window boxes can make a difference.
Reflect on this – Wall mirrors add depth to the room. This is especially true for smaller apartments. You might even try arranging smaller mirrors in a pattern on a feature wall. Choosing mirrors of different sizes and shapes will make the room more interesting.
Wallpaper is in – If you don’t like the mirror idea but you want to dress a feature wall, consider designer wallpaper. Anything goes at the moment – floral designs, jungle scenes, surf beaches. Maximalist wallpaper patterns are totally in vogue for Gen Z and Millennials.
Give it a facelift – Painting an apartment or house will make it feel fresh and inviting. Keep the colours light and neutral, as this will help make the rooms feel bigger. Heavy colours suck in the light and make the property feel smaller.