As we move into Autumn it is encouraging to see some improvement in the Perth rental market when compared to four weeks ago.
Although we are not at the lower numbers that we were for the same time last year, good rental properties are still in demand and tend to be rented with a minimal vacancy period of time.
Here are a few tips to make your rental property a good rental property.
• Price your property accordingly to attract tenants. Remember that most people will search within a specific price range and you want to make sure your property is included in that search result. Quite often offering 1 or 2 weeks free rent will financially be the same as a weekly lower rent, the difference is the lower weekly rent falls within the search result but prospective tenants will not know about the free rent because they do not see your property in their price range. Less rent per week is better than a long vacancy period with no rent at all.
• The appearance, presentation and maintenance of your rental property are important items to consider. First impressions start with the front garden and the street appeal of the building, second impressions generally occur once inside. Keeping the inside of the premises clean and well presented is just as important as keeping the lawns and gardens green and tidy. It is also very important to do a thorough clean and garden tidy up just before the new tenant moves in so they leave the property (when they vacate) in the same tidy and clean condition as what is on their Property Condition Report.
• It can also be important to think about what could be done to the property to make it more attractive, without having to invest a large amount of money. Air conditioners and/or heaters to the main living area are always an attraction as are ovens and stoves that are not faulty or not of a particularly poor quality. If your rental property is a new build little items such as a TV antenna and an outdoor clothes line are a must have before a tenant moves in. A good cable connection for internet and wifi as well as sufficient power points to facilitate simultaneous connections across a number of platforms is also quickly moving to the top of the list of items that prospective tenants are looking for.
• You can also expand the search results made by prospective tenants, if you are open to allowing pets. If your property is part of a Strata complex it is advisable that you get written confirmation from the strata managers as to the keeping of pets on the property. And if you do allow a pet, under the Residential Tenancies Act the tenant is required to pay a pet bond (currently $260.00) to cover any potential damage caused by the pet.