ARE YOU ACHIEVING BEST MARKET RENT?
August 22nd 2016
Are you getting the best market rent level for your apartment compared to the same sized apartments in your building or area?
Many of the Viaduct Harbour apartment buildings have now been established for 15+ years and for those apartments that have been leased out to tenants for a good portion of that time, if not all, it would be sensible to invest a little capital to give the apartment a ‘spruce up’.
A little can go a long way to help increase the weekly rental income for your property, as a small amount of capital investment can make up to $100 per week difference in income.
Currently one popular viaduct building has tenants paying between $375pw - $475pw for a fully furnished studio apartment without a carpark. That is a considerable difference for the same 42sqm floor plate & layout.
2 bedroom + study apartments in the same building range between $875 - $1250 based on location in the building (water views make a difference when it comes to the larger apartments) and the style of furnishings - if any.
Where some owners have simply replaced a few modern conveniences & appliances, others have relaid carpet, painted walls, resprayed kitchen cupboards & revamped the furnishings - refurbishing to almost new and attracting the most discerning of tenants, who are happy to pay the premium rate for an apartment they are happy & proud to call home.
Refurbishing property between tenancies is the most convenient time of course, and with a good plan in place prior to a tenant departing, minimal loss of rent can be achieved - especially for smaller apartments.
If you would like an assessment of your current apartment, VHR can provide free ‘living standard' checks for properties we currently manage and make cost effective suggestions to maximise your rental income. VHR can also oversee the refurbishment once a plan is agreed upon, limiting disruption to rental income or your daily schedule.
Contact us today to book your 'living standard' checkup.