fbpx

The Property Blog

Maximising your rental income

10 Ways to Increase Your Rental Income for Less Than $1,000

Do you know the saying “first impression is the last impression”? There is some truth to that. Humans are visual creatures, when we stumble across things that’s visually appealing, we tend to stick around it for longer. Apply that to your rental and you have a winning formula for not only increasing your rental income but also attracting as well as retaining tenants for longer durations. Increasing your rental income without breaking the bank is a reality you can achieve by simply focusing on one key strategy: renovation. As daunting as that may sound, there are some highly affordable ways you can spruce things up around your property without a big time or financial investment.

More is less – Simple Improvements Can Do Wonders

Sometimes, even the simplest of aesthetic improvements can do wonders for your rental income. While definitely not revolutionary rental renovation ideas, a brand new coat of paint on the front door, installing an internal washing machine and mulching can in fact, help you maximize your annual returns. All within a reasonable price range.

Here are 10 affordable ways you can maximize your rental income without exceeding a budget of $1000.

1. Give Your Bathroom a Makeover

This seemingly easy rental renovation idea is often overlooked by most property owners finding ways on how to increase rental income. A bathroom makeover is definitely the last thing on their minds. As unlikely as it may sound, the bathroom is probably one of the important area within your house. And if you’re trying to make a good impression to attract potential tenants, make sure you don’t neglect the bathroom space completely.

Here’s how you can transform and renovate your bathroom within a $1000 budget to increase rental income:

  • Brand New Paint ($400): A brand new coat of paint can brighten up your bathroom and cover any dirty tiles and walls.
  • Fixing the Vanity Unit ($100): A new coat of paint, updated handles, and drawers and you have yourself a visually appealing vanity unit. Check out Resurfacing NQ for ideas.
  • Installing New Handles and Shower Heads ($300): Replace broken, semi-broken and dirty handles and showerheads to give your bathroom a clean look.
  • Cleaning Away Mold ($30): Clean away mold before applying a fresh coat of paint to leave your bathroom fresh and clean both inside and out. A moldy bathroom is a bad impression, full stop.
  • New Shower Curtains ($10): This one’s a no-brainer. Nobody wants an old and used shower curtain in their bathroom. Replace the shower curtain and leave a good impression.

Total Cost: $840

 

Rental Income Increase: You can expect as much as a $20 per week rental income increase. It can also be the difference between a long vacancy period and finding an “A Grade Tenant”

 

2. Add New Carpet

Adding brand new carpeting can be a challenge, particularly if you own a large house. However, replacing a small unit is a highly convenient way to improve your house interior without breaking the bank. Lounge area and walkaways require new carpeting the most and a small unit update can freshen up the whole look of the house instantaneously and leave a good impression on the tenants. Not to mention new carpet can remove any musty or dirty smell that may have built up.

Total Cost: $1000

Rental Income Increase: Approximately around $5-10 per week.

3. Never Underestimate the Power of a Brand New Coat of Paint

There are many ways you can increase rental yield, but a brand new coat of paint trumps them all. It definitely falls among the best renovations to increase rent. A brand new coat of paint is sometimes all you need to improve the overall outlook of your home. Not only does that brighten up the interior, but it also gives a fresh and clean look overall that is hard to achieve otherwise. You might be used to seeing the walls in your house a certain way and this can often keep you from noticing dirt, scratches, and marks on the wall. A new coat of paint is just what you need to avoid scaring tenants away.

Total Cost: $1000

Coral Sea Property Top Tip

Don’t have the time to repaint an entire house? Paint patches behind cupboards and in vanities to give that fresh paint smell! Gets rid of any bad smells and leaves a great first impression. If a potential tenants first impression is bad they will often pick out every fault.

Rental Income Increase: Approximately $20 per week.

 

4. Consider Adding a Dishwasher

A lot of people get hung up on coming up with novel ideas on how to maximize rental income and overlook simple improvements like adding a dishwasher to the kitchen. The simple addition of some amenities around the house can increase the appeal of a property significantly for a buyer. Who would want to pass on a house dishwasher for a one that doesn’t, hardly anyone!

Total Cost: $650

Rental Income Increase: Approximately $10 per week.

5.  Add Convenience by Installing a Washing Machine and Dryer

Speaking of amenities, adding a machine and a dryer to your property can significantly increase the overall appeal of your house. Convenience is a massive motivational factor. You can’t change the convenience of things like location or public transport but you can definitely add this. Having a washing machine and dryer installed can ultimately increase the convenience factor of the property as a whole. Tenants will no longer need to go to a laundry mat or buy their own.

Total Cost: $600

Rental Income Increase: Approximately $15-20 per week

6. Increase Storage because No One Ever Said No to Extra Space

When it comes to creating extra storage space, creativity is you need. Adjusting the furniture around the house can often add to the spaciousness of a room. Another great option for offering your tenants with more storage pace is by converting the garage to a storage area or perhaps even another room depending on the demand. The key is to be adaptable to the demands of your potential tenants. Doing as little as installing a corner shelf or putting some lighting in the shed can greatly improve storage

Total Cost: $200+

Rental Income Increase: $10 Per week

 

 

 

7. Install an Air Conditioner, We are in North Queensland

Adding an air conditioner on your property is another great way to increase its overall rental appeal. It’s more of a one-time investment with a high pay-back, particularly for home-owners in warm locations. When getting an air conditioner installed, remember to consider your needs. Do you really need a reverse cycle with heating in North Queensland?

Total Cost: $1000 for brand new AC and around $600 for a second-hand purchase.

Rental Income Increase: Approximately $20 per week.

 

 

8. Parking and the wonders it can do for You

Rental properties that lack secure parking provide a fantastic opportunity for home-owners looking for creative yet affordable rental innovation ideas to with a high ROI (return on investment). Do you have a rental property with no undercover parking? A carport can be as little as $1000. Is your rental property fenced? If your driving in and out every day an electric fence can be retrofitted to most normal gates. These units cost a bit but the convivence they bring is not overlooked by prospective tenants.

Total Cost: $1000

Rental Income Increase: Approximately $20 per week.

 

 

9. Talk to Your Property Manager, Seriously!

If you’re out of rental renovation ideas and don’t know how to increase rental income, one good place to start is by talking to your property manager directly. Your property manager already knows what the property lacks and the improvements that could be made to make the rental experience more comfortable and convenient for potential tenants. By asking them a simple question like, “Is there anything that could be improved around the house within a $1000 budget?”,  you could save yourself the time and the trouble of brainstorming ideas on how to maximize rental yield and actually get down to business. Coral Sea Property are experts in all things property. We can talk you step by step from improving and renovating your property to finding you a long term “A Grade Tenant”. Get in touch with us today and find out how.

Total Cost: 100% Free, That’s what you pay us for!

Rental Income Increase: May vary depending on the improvement made.

 

 

9. Raise The Rent, You Heard it!

This may seem like satire, but increasing your rent is a pretty good way to increase your overall rental income return per month. A lot of property owners are afraid of raising their rents for fear of scaring tenants away. The key is to raise your rental rates in line with the market and avoid going overboard. Raising your rent while keeping in range with the market rates can allow you to increase your rental income with a zero dollar investment, to begin with. Does your current agent consider peak leasing periods when structuring leases? What to find out more about peak leasing? Check out our article or even better talk to one of our agents (07 4724 1723) You could be missing out on thousands.

Learn more about the right way to demand more for your rental.

Total Cost: $0

Rental Income Increase: Approximately $20+ per week.

 

Final Thoughts

A $1000 budget is more than enough to improve and renovate your property to make it more appealing to potential tenants. Even if you choose to go with a rental renovation idea that seems pointless and irrelevant at the start, don’t be afraid to take the risk. You never know what a tenant might find appealing when hunting for a rental space. Who knows? That washing machine or that new shower curtain might even be the reason your next tenant decides to move in!

We hope these rental income increasing tips help you make improvements around the house and land more tenants. If you want personalized tips tricks or a free rental analysis just get in touch with the form below. Alternatively you can speak with an expert by calling on 07 4724 1723

Happy Renovating!

The Property Blog

Maximising your rental income

Quick Contact

Contact us today, and get reply with in 24 hours!

Q

Quick Contact

Contact us today, and get reply with in 24 hours!

Q