Welcome to the new season, and with the change of weather, we thought it was the perfect time to get in touch and keep you on top of all you need to know as a Landlord.
Leasing your investment property is a very important part of home ownership, which is why it’s good to keep in touch of what’s going on in the market, so you can make well-informed decisions.
At Upstate, we’re here to curate all the top topics in one place and offer some tenancy advice for your convenience – so here’s our snapshot.
The tough market
As you’re well aware, the real estate market is experiencing a bit of a challenging period at the moment across Australia which is having a flow-on effect into rentals as well.
It’s at the top of everyone’s minds at the moment.
New developments and challenging conditions have started to push up rental vacancy rates due to the extra supply, from around 1.8% in January 2018 to around 2.8% this year, although there has been a slight increase in February.
This shift has meant that people can be a lot more selective with the homes they choose to rent, all of which can drive down weekly rental prices.
Over the last 12 months, Sydney’s median rents fell around 4.5% for houses and 2.8% for units, according to SQM research.
Now, more than ever, you need an experienced leasing and property management team by your side to help you achieve the rental return you want. The right agent can make such a difference in finding high-quality tenants for you.
7 steps to attract high-quality tenants
With Sydney vacancy rates edging upwards, we are currently witnessing a renter’s market.
To improve your chances of finding high-quality tenants, the key is to offer a high-quality property that will attract them.
For example, you can offer:
- Connecting the property to high-speed broadband for families and professionals
- Extra storage options, like a shed, cupboards and built-in wardrobes
- Interiors that have all been freshly painted
- New appliances, fixtures and fittings
- Revitalised outdoor spaces
- Air conditioning and ceiling fans
- Added security measures
These tips will help your property be more desirable to the increasingly discerning renters out there, who are actually willing to pay more for a better alternative to live in.
Are you too busy or don’t know where to start?
Our complimentary concierge service is ideal to help you manage this on your behalf. Speak to our Residential Concierge today to find out more.
Tenants with Pets
We estimate that around 20% of rental properties in NSW specifically allow tenants to have pets, which – for the right home – represents a great opportunity to attract more interested people.
Allowing pets opens up a significantly larger pool of renters who will be interested, which will drive up rent and get your property occupied faster (as well as longer, too).
We can help screen pet owners by requesting they submit a detailed plan of how they will ensure a pet won’t damage the property. We will also look at their previous rental history as well.
In our experience, the majority of pet owners are extremely responsible and willing to pay more to have their furry, scaled or feathered companion join them.
With current vacancy rates and more people owning pets today, this may be a great way to attract more competition for your investment.
For more information, read our recent article: Should you allow renters with pets?
Taking great care of tenants
At Upstate, we have years of experience assisting landlords to offer them complete peace of mind because we understand you’re entrusting your investment property to us.
We undertake extensive background checks before recommending tenants for any of the properties we manage and continue to ensure that the home is rented and well looked after on an ongoing basis.
Our team also has a proud reputation of looking after the concerns of tenants, meaning high-quality renters trust us to find them the ideal home.
By looking after both landlords and tenants, we are able to connect the right renters with the right owners. This way everybody wins!
How can Upstate help you?
Remember – we are a full-service provider (and great people to talk to, too!).
So, if you would like more information or have any questions, please contact us. As always, we are very happy to help.