Giving your apartment an edge in a competitive rental market
How to give your apartment an edge in Melbourne's competitive rental market
While rental vacancy rates remain fairly tight across Melbourne, our city's apartment supply is on the rise. The latest BIS Residential Property Prospects, 2016 to 2019 report suggests there will be an oversupply of rental properties in the Melbourne market by 2017.
No investor wants their property to sit untenanted, so in the current environment it's especially important to ensure your apartment ticks the right boxes.
"As more and more apartments enter the market it is vital for landlords to consider what’s most likely to appeal to potential tenants," says General Manager, Jellis Craig Boroondara Property Management, Sophie Lyon.
Sophie says a few simple strategies can help give your apartment an edge when attracting tenants and avoiding rental vacancy.
A lick of paint
A fresh coat of paint is a tried, tested and inexpensive method landlords can use to boost interest in their investment property.
"Paint helps create a space that looks new and clean. Paint also hides a multitude of sins including scuff marks and wear and tear from previous tenants."
"To achieve the best outcome it is advisable to choose neutral colours that will appeal to the majority of prospective tenants," says Sophie.
Heating and cooling
Melbourne’s changeable weather is notorious. When searching for a new home, heating and cooling is often at the forefront of a potential tenant's mind.
If your apartment does not already have heating or cooling in place, consider investing in a split system, particularly in any living areas.
Just like fresh paint, new carpet is an easy and cost-effective way to give any space a lift.
New carpet is particularly advisable after the departure of a long-term tenant because it immediately removes much of the wear and tear they may have left behind. Choose a durable weave for maximum longevity.
The devil is in the detail. A quick update of any broken fixtures will boost the appeal of an apartment to any potential tenant. For example replace broken door handles, blinds, taps, light switches, etc.
For prospective apartment owners
If you’re planning to buy an apartment as an investment, there are a few things worth keeping in mind to give your purchase the best chance of being quickly let.
"The old adage 'location, location, location' still rings true. This includes not just the suburb you buy in but also the apartment’s proximity to public transport and amenities such as local shops," says Sophie.
She says investors should also aim to purchase a property with an outdoor space such as a balcony, as well as good natural light, off street parking and ample storage.