With international borders reopening, there's a genuine buzz around rental markets across Australia, and already weekly investment returns are heading north.

According to CoreLogic, nationally, rents were up 0.8% in February, holding firm from January (0.8%) and up from the 0.6% growth recorded in December 2021. However, owning a rental property isn't a "set and forget" investment, and landlords still need to take steps to ensure they generate the best returns from their investment properties.

The best counsel I can offer is to listen to the recommendations from your Raine & Horne Property Manager. Weekly rents will go up comparable to the condition of the property. In other words, if your Property Manager provides you with some advice on improvements to ensure your investment commands a more substantial weekly rent, be sure to listen.

Moreover, the advice might not involve an immediate expenditure. Let's say your Property Manager has recently completed a routine inspection and provides you with some advice that the five-year-old carpets will need replacing in 3-5 years. This advice gives you time to put aside money for this expense rather than being lumped with a significant bill that arrives out of the blue.

That said, if the carpet needs immediate replacement and the ragged floor coverings are proving a turnoff for tenants, then it might be time to spend some money to lock in a tenant for a longer-term and loftier rent.

My point is that if your investment apartment or house isn't presenting satisfactorily, then as a landlord, you may not be able to cash in on improving median rents. Also, don't fall into the trap of thinking another two-bedroom apartment that is available for rent is the same as yours. The other property might have a dishwasher, air conditioner or other features that your apartment doesn't have - it's not a like for like comparison. While it sounds like a first-world problem, there’s no escaping dishwashers are now a ‘must have’ for prospective tenants, especially those with young families. So, if a house or apartment doesn't offer this feature, tenants will look elsewhere, and you'll potentially miss the boat on rising median rents.

 If you want more advice on the investment property market in your city, town or region, be sure to talk to a Raine & Horne Property Manager.