Landlords aim to maximise their rental earnings, yet often face challenges in drawing tenants at their desired rate. Being seasoned rental agents in Wellington, we have a good understanding of the rental market and can offer actionable steps to increase your property's rental value ahead of the summer. We work tirelessly with our landlords to secure the most favourable rental rates.
Here's a selection of recommendations for landlords looking to increase their rental property's value:
Presentation is Key
Ensure your property is in pristine condition. A deep clean, especially in kitchens and bathrooms, and addressing any damp issues are crucial. Professional cleaning can add significant value and appeal.
Property Maintenance
Ensuring the property is well-maintained, clean, and freshly painted can significantly influence tenant decisions. Consider a neutral colour scheme and durable flooring options like laminate for high-traffic areas.
Garden Grooming
For families and professionals, a well-maintained garden or an outdoor entertaining space can be a decisive factor. Including garden maintenance in the tenancy agreement or hiring a gardener, a cost that can be claimed against rental income, ensures the garden remains an asset.
Focus on Kitchens and Bathrooms
These are key areas in a property. Simple upgrades like new taps, a power shower, or investing in high-quality kitchen appliances can substantially elevate the property’s appeal.
Optimise your Property’s space
To increase rental value you must utilise every available space effectively. This approach doesn't necessarily involve creating additional bedrooms, simple actions like incorporating built-in cupboards or storage spaces can make a significant difference. This aspect is particularly crucial for families or groups of tenants. Buying decorative home furnishings and decor can create a delicate and modern look and feel to your living spaces, regardless if its the living room, bedroom or kitchen!
Embrace Pets
Adaptability is a key quality sought by potential renters. Being open to changes and permitting pets can enhance your property's appeal and contribute to long-term rental value.
Since pet-friendly rental properties are relatively rare, they often attract higher rents. This could be an effective strategy to increase your rental income.
Monitor market rates
Being a conscientious landlord and ensuring you are getting a fair rental return involves staying informed about the latest regulations and market rates.
