Tips for Increasing How Much You Earn From Rent

It used to be a lot easier for investors to make money from their rental properties. As long as their properties were structurally sound and offered the basics, usually there would be demand for the property. However, times have changed. Today, a lot of renters want to get the most they can for the money they pay to you. You can already see a lot of investors adapting to this changing market. Many have carried out extensive renovations to ensure their properties have all the mod-cons that tenants want. Unsurprisingly, they enjoy higher rental incomes than those who neglect their properties and fall behind the pack. You might be at a disadvantage if you allow yourself to fall into the latter group. There’s a lot of competition in the real estate market and your competitors are always looking for new ways to attract tenants away from you. Match them step for step with these tips for improving your rental income.

Tip #1 – Keep the Property Clean

You may not think that keeping your property clean is all that important. After all, if the property is great in every other respect, who is going to care about some dust? However, you need to remember the importance of first impressions. Potential tenants will look at everything when they view your property. A stain on the carpet here and a dust-covered windowsill there will sour their first impressions – and make it less likely they will want to rent your property.

Tip #2 – Touch Everything Up

We’ll get to renovations in a moment, but let’s look at the little things you can do to make your property more attractive first. A lick of paint on the walls will freshen your property up. There’s a reason why real estate agents recommend painting when you’re advertising a property. The home looks newer, which draws the eye of tenants. Apply the same line of thinking to the floor. If a carpet looks threadbare, replace it with something more attractive. Also, consider the type of tenants you’re trying to attract. Some may prefer a traditional carpeted look, whereas others may want wood or laminate flooring. There are other little things to consider. For example, you could replace any fluorescent lights with spotlights or pendants. Both have a more modern feel than the fluorescent option. Even switching out curtains for blinds can make your property look more attractive to tenants.

Tip #3 – Do Some Renovations

You can’t improve every investment property with a lick of paint and some new carpet. Sometimes, you’re going to have to carry out extensive renovations. This is even more likely if you have an older property.You will have to spend a lot of money to get these renovations completed. You may even have to adjust one of your other home loans so you can access any equity you’ve built in other properties. However, that initial investment often pays off down the track. You’ll be able to command higher rents because you provide what tenants look for. Need a home loan?uno. The new way to get a better deal. Get Started ###

Tip #4 – Install Air Conditioning

Remember that the summer months in Australia aren’t mild. In fact, a lot of potential tenants will turn their noses up at properties that don’t have air conditioning. Installing a system will allow you to charge more for rent.

Tip #5 – Offer Storage Options

Your property may look great when it’s empty, but what about when somebody moves in? All their stuff has to go somewhere, otherwise each room will look like a mess. That’s why tenants look for storage options when they view properties. Consider what you can do to help your tenants make the property tidier. For example, you could install built-in wardrobes in the bedrooms. This means that your tenants don’t have to pay for their own storage. A few storage options can have a positive effect on the amount of rent you can charge.

Tip #6 – Provide Security

Your tenants need to feel safe when they’re in your property. As such, you need to invest in security features for your property. Alarms, motion lights, and security doors all make your tenants feel safer. A safe tenant is a happy tenant.

What to Do Next

Succeeding as a property investor requires much more than a basic knowledge of real estate. You need to understand what tenants want and how you can deliver it to them. Do the following before making any changes:

  • Read more of our advice for investors
  • Figure out if you can save money to spend on your investment property through refinancing
  • Live chat with a uno home loan consultant to learn about your options. This information is general in nature and you should always seek professional advice when making financial decisions. Book a call in with UNO
5 stars for our service reviews from clients

Book Call Now

UNO home loans

Try Plans, by UNO
Mortgage calculators completely reimagined
Get Started
Considering a purchase or refinance?

Try Plans by UNO

Mortgage calculators completely reimagined
Get Started
☎️ 🚫 No cold call promise

Related Articles

TESTIMONIALS

What our customers are saying

Kathryn Cretney
November 14, 2024
5 stars for our service reviews from clients
Paul helped us from day one before we even arrived in Australia so we knew exactly what we needed to prepare. He’s got a tonne of knowledge and was really lovely and supportive to deal with. Helpful and easy going. Would highly recommend - now in our first Aussie home and Paul made the process all very easy!
Read more
Sean O'Neill
November 14, 2024
5 stars for our service reviews from clients
We received excellent service and a tailored solution to our home loan requirements from Uno. Paul kept us informed at all milestone stages and throughout the process he demonstrated a ‘can do’ attitude that ultimately allowed us to get over the line and meet our deadline. We’re most grateful and very impressed. Highly recommend
Read more
Crush Huston
November 8, 2024
5 stars for our service reviews from clients
Paul is an amazing broker. Communicative, responsive and knows his stuff! Highly recommend
Read more
Amanda Pearce
November 7, 2024
5 stars for our service reviews from clients
After just four months in Australia, our New Zealand home sold, prompting us to stop renting and invest locally. We found Paul through a Kiwi Facebook group, and his exceptional service exceeded our expectations. From initial contact, Paul provided clear explanations, friendly communication, and prompt responses to our queries, making our mortgage process remarkably smooth. We highly recommend him.
Read more
Dom Saric
November 3, 2024
5 stars for our service reviews from clients
Mike Parsons went above and beyond to ensure that our refinancing journey was painless and successful. He was communicative, accessible (even working while on holidays!), and his knowledge of the systems at play meant that he picked up on things that other brokers missed. Would 100% recommend Mike, and will definitely be back next time we need a broker.
Read more
Ashleigh Breaden
October 31, 2024
5 stars for our service reviews from clients
Mike Parsons handled our refinance of our home loan with ease and a depth of knowledge that ensured we got the best deal possible for our situation. We didn't have an easy one to solve for with my husband being self employed and we were consolidating finances as well for a car loan. But Mike handled it all for us and once we had provided him with all the documents we literally didn't have to do a thing after that, it was so easy and so quick we are super happy with the experience! Top notch! Highly recommend!!
Read more
Kyle Richards
October 10, 2024
5 stars for our service reviews from clients
Absolute legend, helped me through the first home buyers scheme, explained everything in a way that made sense, was very knowledgeable and a joy to work with.
Read more
Chloe S
October 8, 2024
5 stars for our service reviews from clients
Mike Parsons made it possible for us and the in laws to get 2 pretty complicated home loans. He helped us through everything and we'd be happy to use Mike and the team again for anything we needed. Thanks again!
Read more
Sam Rezai
October 2, 2024
5 stars for our service reviews from clients
I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
Read more
S Wilko
September 23, 2024
5 stars for our service reviews from clients
I had not dealt with Scott or UNO before finding them on the internet. Even as an Australian citizen living and working overseas, I knew obtaining a loan would be difficult. However, Scott went above and beyond what I expected from a mortgage broker. I genuinely don’t think you could find another company that works as hard as they did to get my home loan approved. I cannot recommend them highly enough. Everyone I dealt with at UNO were extremely professional and helpful. If you are looking for a broker, you would be mad not to give them a go. Thanks to Scott Wilkinson, Dalby Bajwa, Jena Lasquite and Andrew Pacini. Shaun.
Read more
Patrick Winters
August 14, 2024
5 stars for our service reviews from clients
For the past three years, it has been an absolute pleasure to work with Mike Parsons. He has consistently helped us navigate commercial property loans with skill and efficiency. Mike’s timely and professional responses to our inquiries have been invaluable. We have built a strong, reliable relationship with him and eagerly anticipate continuing our collaboration in the future. We highly recommend his services.
Read more
Lee Robibaro
August 6, 2024
5 stars for our service reviews from clients
I am so thankful and grateful to have Scott Wilkinson as my broker. He not only looked after me every step from start to finish he gave me confidence and I was able to trust him and his expertise. My children and I are now happy in our new home and very appreciative of Scott's help. I will definitely be only having Scott as my broker from here onward as there is no mucking around and straightforward answers. Thanks again
Read more