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The latest figures produced by CoreLogic RP Data show that during August 2015 Capital city rents had increased by their slowest annual rate of growth on record at just 0.7%. In addition, rental yields for all Capital cities also bottomed at just 3.5% with Sydney and Melbourne new recording record rental yields.
Finding a tenant in this challenging environment who is prepared to pay a premium rent for a property, is now a key priority for landlords so they can boost rental returns. This is particularly the case for first time investors who maybe heavily geared and rents are an even more critical issue to ensure they can cover their mortgage repayments.
Most first time investors make the mistake of buying an investment property that will not appeal to a broad range of renters and this limits their potential rental income.
Below are 10 key points from Shane Kempton, CEO of Professionals Real Estate Group that first time property investors should consider when selecting an investment property that will appeal to renters.
1. Check the rental vacancy rate for the area with a number of property management properties to determine the overall demand for rental properties and the rent you can expect before deciding to purchase a property.
2. Generally pick an area within a suburb which has a lower number of rental properties as this make your rental property more attractive to tenants. The property should also have good street appeal and be clean and tidy in the inside.
3. Buy a rental property that is close to social infrastructure such as shops and schools. This will appeal to younger families who rent.
4. Renters generally have a lower level of disposable income so rental properties with easy access to public transport are in high
5. A large proportion of tenants tend to be younger people or single parents. As a result higher density properties such as apartments are becoming more popular with tenants.
6. The property should have ‘extras’ that appeal to tenants such as dishwasher and reverse cycle air conditioning.
7. Security is now a major factor for tenants. The property should have good security to the windows and doors. If it is a stand alone property, an alarm system will appeal to tenants as well as a garage.
8. If you are buying an apartment, find a complex that has security parking as this is becoming a key issue in the inner and near city rental market.
9. Include gardening expenses in the rental fee for a stand alone property because many tenants do not want the headache of looking after gardens.
10. If you are planning to rent the property furnished, make sure the furniture is high quality and clean. Tenants leasing furnished property generally have high standards.