A question we all ask ourselves - what are the greatest influences on rent, and how can you cost-efficiently add these factors to your rental property to increase its tenant demand and rental value? Here we provide a short excerpt from our Ebook.
1. Equal Bedroom Sizes
As a general rule, the more rooms you have, the more rent you can collect – however that’s not always the case. A good rule of thumb to go by when investing is to ensure no room is less than 75% the size of the other rooms. If one room is significantly smaller you’ll find the property harder to rent because tenants will unlikely want to face the awkward question of who gets the bad bedroom and loses out.
2. Good Location For Their Needs
As a general rule, being close to local facilities, within school zones, and along public transport routes will be a huge selling point for most rental properties. When investing, consider what market you hope to attract – is it a young family, students, or young professionals? These groups will have different needs when it comes to location, making this a key consideration when looking for profitable rental properties.
People tend to not like cold damp properties, making sunshine a key element tenants look out for to avoid mouldy homes that can get them sick and be costly to keep warm. If your rental property is a little on the dark side, offering a heat pump and dehumidifier to help counter-act the damp concern.
4. Living Areas
The number of living areas should be proportionate to the number of bedrooms within the rental property. In properties with 4 or more bedrooms, people usually expect more than one living area, even more so when the property is in higher rental areas. Don’t worry, minor renovations can help increase the living space and increase the rental value of the rental property. Consider installing an “island” in the kitchen to create another dining room area and enlarge the kitchen space at the same time.
Want To learn More?
We've created a free Ebook 18 Key Factors That Have The Greatest Influence on Rent that will help when evaluating a rental property, and when you want to increase tenant demand and rent. It's free and you can get it now.