How to Increase Rental Returns in Australia 2023

Rental Market in 2022

According to The latest data from CoreLogic shows that prices dropped 1.2% nationally in October, 2022 taking the quarterly decline to 4.1%.

“Although rents are likely to continue to rise in Dec 2022, it’s likely renters will be progressively seeking rental options across the medium to high-density sector, where renting is cheaper, or maximizing the number of people in the tenancy in an effort to spread higher rental costs across a larger household.” To keep a grounded view of the real estate market and ensure you consider following these simple steps to maximize your returns by increasing rent or lower your expenses.

 

Managing and increasing rental returns

* keeping a grounded view of the market and review the rent regularly.

regularly review your rent and use the latest, timely data to ensure your rent is competitive with comparable properties.

* Planning rent review : 
once you have decided a rent increase please ensure you or your agent give enough notice to the tenants .

 

Improve the property

Making improvements on the rental property is another way to increase rental return.

* Fresh Coat of Paint – A fresh paint will cover up all scuff marks and signs of wear and tear and make your property look instantly fresher and brighter !

* Freshen flooring – replacing dated or destroyed carpet with easy and low maintenance floor boards .  Floor boards are also more popular for tenants with Allergies and Asthma.

* Have good quality advertising photography for your rental listing – better photos draw interests to your listing, resulting in more inquiries, potential tenants and higher rental income.

*Engaging a professional local real estate agency – a professional property agency will have a property manager taking good care of your valued property including requesting bond , legally binding lease agreement , complete condition reports and manage day to day problems . The best part of this is all this professional service is tax deductible.

 

Hostrelax helps increase your rental returns

Hostrelax property management is an Professional short term and airbnb property management company focusing in Sydney, Melbourne, Brisbane and Gold Coast. Through connections in the estate and loaning businesses, we provide a truly safe investing atmosphere for our clients through a carefully crafted investing portfolio. With Hostrelax, you can truly relax and watch as we generate positive cashflow and increase rental returns.