Tips To Increase Your Rental Returns
Increase the rent
Many landlords have not raised their rent for years. Find out what market rent is and the next time you are able to increase your rent, and then do it.
Decrease the rent
Much rental income could be missed if an advertised rent is too high and a property is vacant for a prolonged period. While the best rent to ask for is market rent, those wishing to find a tenant quickly should consider asking slightly below market rent. Rent can be considered for an increase on renewal of the lease.
Claim all tax deductions
A depreciation schedule will list all the items in and on the property that can be depreciated which in turn can result in a larger tax refund.
Update the property
A new coat of paint, new floor coverings and resurfacing of the bathroom may increase rent by ten per cent. A new kitchen alone should increase the rent by a further ten percent. Updating a rental property also helps attract better quality tenants.
There are relatively few rental properties that are suitable for pets or allow them. Tenants will often pay a premium for a pet friendly property.
Excerpt from Peter Koulizos Author of The Property Professor's Top Australian Suburbs (John Wiley & Sons).