With so many properties flooding the Albany rental market recently we are seeing a dramatic change in rents being gained across the board and changes in tenants’ requirements when searching for that perfect rental home.
In the past many people were happy to simply have a roof over their head; however, with ever growing tenant knowledge and increased expectations on Lessors simply having a roof over your head is not something tenant will settle for.
More than ever, we are finding that Tenants are searching for a property with more, more, more! Having lawn mowing included, easy care gardens/yards, allowance of pets or neutral interior colour schemes. With so many newer builds around the older style properties are in some circumstances less attractive to tenants and experience trouble in gaining longer term quality tenants.
As Property Managers we are noticing that Tenants are demanding properties to be kept in excellent condition and repairs are expected to be carried out in a timely manner. When these items are not done by Lessors the rents start to fall as the property falls into disrepair and tenants move on.
To ensure that your property is always tenanted to quality, long term tenants we recommend you complete the following.
– Complete regular maintenance and general upkeep as required.
– Complete larger repairs as soon as they become apparent, so the job doesn’t become that large that it is out of reach to complete.
– In older style properties install insulation to help with heating/cooling costs.
– Look to value add with good quality heating/cooling systems (ie. airconditioners, fireplaces, gas heating etc);
– Consider painting, flooring & window treatment upgrades every 10 – 15 years – these are tax deductible and can be used as depreciation for 10 years.
It is always advisable to have a ‘repair fund’ available to use in the event of emergency maintenance needing to be completed. Items such as hot water systems and water leaks will always occur when you least expect it and cannot be put on hold till you have funds available.
By keeping your investment in good repair, you are ensuring that the property is presented in its best possible condition which in turn will attract quality tenants wanting a long-term property. When the property is not kept in good condition you open yourself up to issues surrounding ‘wear and tear’, may have fewer desirable tenants and a higher vacancy rate overall.
