Case Studies: How To Increase Tenant Attraction And Rental Return
Keeping the value of your investment property high requires ongoing focus and attention. As these case studies show, by adding features that increase rental return, you will not only maintain the value of your property but increase tenant attraction.
As our Taylors Insight: How To Maintain Your Property's Value And Increase Tenant Retention explains, maintaining and improving your investment property can attract the right tenant and minimise your vacancy rates.
When two of our clients with investment properties in Sydney's East became available for lease, our property management team was provided with the perfect opportunity to make property upgrades to appeal to prospective tenants.
Case Study 1
A studio apartment in the heart of Rushcutters Bay needed updating. These included a new kitchen, built-in wardrobe, carpet and paint throughout. The works took place over the Christmas period, ensuring the property was ready to go live in the busy January market. The property was then marketed at an increased rent with professional photos and copy that reflected the updated property. The result? Leased within two weeks to a great tenant.
Case Study 2
A 2 bedroom/1 bathroom apartment in Kingsford was in need of a full renovation to attract the right tenants and achieve a good rental income. The $40K+ investment that included new paint, carpet, kitchen, bathroom and laundry room. The result was a property that presented perfectly for market. Not only was it leased within one week after two home opens were conducted, but it also significantly increased its rental return in a market where rents were down on the previous year.
Like To Learn More?
If your investment property has become vacant and you think now is an ideal time to renovate, contact our team of specialists for advice.