Professionals Nowra If you’re a landlord and you’re looking to increase the rent of your property, there are a number of factors you should consider. Whilst it’s great to maximise your return, if your property is over-priced, it’s likely to remain vacant for longer periods of time.
To start with, we recommend you speak with your Property Manager. They will be knowledgeable of the local market and will be aware of the current demand for rental properties and what rate other properties are currently tenanted at. These are factors in determining what rental return is right for your property.
Other things to consider before raising the price rental price of your investment property are any improvements that may have been made to your property. This might include things such as minor renovations, or additional facilities like air-conditioning. All of these improvements will increase the value of your home and potentially the rent you receive.
For investment properties in New South Wales, it’s important to note that the rent cannot be increased more than once within a six month period.