Meeting the rental market in terms of rent will certainly assist the leasing process, however attracting and retaining quality long-term tenants is key to maximising rental returns over time.

In today’s rental market Sydney vacancies are at an all-time high. Currently, there are over 25,000 vacant properties in Sydney. Meeting the rental market in terms of rent will certainly assist the leasing process, however attracting and retaining quality long-term tenants is key to maximising rental returns over time. Therefore, it is important to consider tenant expectations and considerations when deciding on improvements and renovations.

The following are Heimat’s “Top 10” recommendations for maximum rental return on your investment.

1. Internal Painting  

Painting the ceiling, walls and doors is a cost effective, easy improvement that will significantly improve the appearance of your property resulting in faster leasing.

2. New Carpet and Flooring

Carpet has a life span of around 7 years in a tenanted property. If the carpet is old and worn, it is often the most criticised feature at an open home. Changing the carpet every 7 years or installing a more durable hard wearing flooring such as vinyl planking or engineered timber flooring will provide a long term solution to the hardest wearing areas of the home.

3. Air-conditioning and Ceiling Fans 

Without a doubt the most commonly requested item(s) by both current and prospective tenants. Providing tenants with sufficient, energy efficient heating and cooling is an expectation of the modern day tenant. Ceiling fans are a cost effective solution, however most tenants prefer a home with air-conditioning where possible.

4. Storage Solutions 

Built in wardrobes, kitchen cupboard space, and garden storage sheds are all highly desired and a must for tenants with a family. For older style homes that typically have minimal built-in storage, also consider free standing cupboards and robes which can be very inexpensive and reduce wear are tear when tenants are moving in and out of the property.

5. Dishwasher 

For some tenants this can be a real deal breaker. Whilst some kitchen layouts may not accommodate a dishwasher in its current state, if you’re considering a kitchen renovation in the future, be sure to include a dishwasher.

6. Bathroom Update 

Nothing can be more off putting to a prospective tenant than discoloured grout or mould embedded into the silicone. Re-grouting or professional cleaning of grout, replacing the silicone and installing a new shower screen can make the world of difference and improve the appearance of the bathroom ten-fold. If the vanity has deteriorated, consider replacing it for a new vanity and mirror.

7. New Window Furnishings 

Verticals, venetians, curtains or roller blinds? There’s a huge selection to choose from, however we suggest keeping it simple, uniform and compliant There are some great “modern” roller blinds on the market that have a simple chain mechanism to open and close and are easy to keep clean.

8. Kitchen Upgrade/Make-over

The heart of every home and the most utilised room. A kitchen upgrade doesn’t need to cost a fortune. By replacing the doors and drawer panels, benchtop and wall tiles will give your kitchen a brand new modern look without the huge expense of a complete kitchen replacement. If the kitchen cabinetry is still in good condition, but the appliances are old and unreliable, consider new appliances. At Heimat, we work with suppliers to get competitive prices on all appliances supplied and installed.

9. Garden Maintenance 

Whilst low maintenance gardens are very popular amongst tenants, offering regular garden maintenance on larger homes for those time poor tenants can be very attractive and will ensure your property is well maintained and appealing from the outside.

10. Lighting 

Removing old fashioned light fittings and replacing with LED lighting will modernise a room and cost significantly less to run. Not only that, hard to reach lighting is the responsibility of the owner (as it is considered hazardous to change) and can require the services of a tradesperson.

These top 10 recommendations will ensure your property achieves a higher rental return by attracting and retaining quality tenants, reducing vacancy rates and achieving above average rent return. Your investment property should be valued and maintained to ensure long term gain.

The team at Heimat Property Management are experienced at organising property improvements for their landlords. If you are interested in hearing more about Heimat’s specialised approach, please contact Heidi or Matt on 9477 3500 or email: hello@heimat.com.au