Doing your research on the area in which you’re planning to invest is paramount to maximising your rental return.
Some of the questions you might ask include:
1. What type of property has the highest rental demand in the market
2. Which properties see the lowest turnover of renters
3. Which times of year see the highest inquiry rates
4. What is the demographic of the majority of renter inquiries
5. What are the key property attributes people are looking for
It’s important to know this information when either investing or considering renovations so you can make better decisions as to where you invest your money and when.
For example, 2 bedroom units might have the highest demand and lease the quickest, however they might also have the highest turnover of renters, which in turn creates more vacancies and potentially wear & tear on your property.
If you’re planning to purchase a property or do a renovation, have a chat with our property manager, who can give you the best tips on what features local renters value most, the best yielding properties, average tenancy tenures and the best time to bring your property to market.