There is no hiding from the fact that as time progresses, the cost of living increases, and the same can be said for maintaining a rental property. The cost of maintenance services and even local council rates can steadily increase over the years, so it’s important to take the time to consider ways to increase your rental income.
However, that does not mean you need to hike up your rent. This does not always sit well with your current or potential tenants, so you need to think of other ways to generate more rental income. And here are some ideas on how.
Renovate the property
If your rental property is looking a little outdated, then give it a much-needed makeover. This could be as simple as a fresh coat of paint and some new curtains, or ripping up the carpet and investing in good quality hardwood floors. By reinvigorating your investment property, you can add value and have a better chance of securing, long-term respectable tenants.
Read our blog: ‘Top Maintenance Tips For Your Investment Property’
Before you lodge your next tax return, speak with a tax accountant that specialises in investment property – you will be shocked to see what you’re eligible to claim. You could potentially save thousands of dollars on the cost of maintaining your investment property.
Parking and storage space
Off-street parking and storage space are two of the most commonly sought after features in any property. Most people want to be able to securely park their car, and at the same time have a safe place to store their belongings and when you can provide this, you have hit gold. The more in-demand features your property has, the more interest it will garner, and the more rent you can charge.
Rent out rooms
A very effective way of increasing rental income is by renting out each bedroom in the property. If you have the right mix of tenants and location, this option tends to work very well. For example, if your property is situated near a university, you can rent to students, and create a sustained interest in the place if you want tenants moving in after others have left.
Speak with the experts