There are several factors to consider when it comes to maximising your rent.

 As a landlord consider the other properties within the same area that are comparable to your investment. If you want to increase your asking rent, you need to analyse what the market is doing in your suburb. Your Raine and Horne Property Manager can help with this.

 Let’s suppose you have a two-bedroom property. Therefore, look at the same type of home in your suburb and see what rent those apartments are achieving. Your two-bedroom property might not be in the same condition as another two-bedder on the market. Is yours as new, or freshly painted and in a prime position? Likewise, an older three-bedroom house that is need of renovating is no comparison to a brand new, three-bedroom home. You must compare apples with apples.

 Also consider the rent increases you can make on your property by making comparisons with similar properties in the area your property is located. There need to be evidence as to why you are asking for more weekly rent.

 Consider the work that will need to be done on your property to get a higher weekly rent if your current tenant chooses to terminate their lease agreement because of the increase. Is it worth losing a reliable tenant who takes care of your investment? If they leave what will be the monetary cost to bring the home in line with others in the area? Does the property need new flooring, painting, and improvements to the bathroom or kitchen?

 Other costs that come with re-leasing your property include marketing costs, such as new photography and advertising. You also must factor in the time your investment will be vacant while you search for a new tenant.

 As a landlord if you want to keep a reliable tenant, it’s best to work with your Raine & Horne Property Manager to determine the right rental pricing strategy.

If you have any questions about maximising the return on your property investment, contact your Raine & Horne Property Manager immediately for advice.