Landlords – consider the pet-friendly route to a 10-15% rent premium!
If you have an investment property then you have an interest in the real estate market. If you have an interest in the real estate market then you’ll be fully aware of changes in recent months. The long-running seller’s market suddenly switched to a buyer’s market with prices sliding steadily over a few months.
A buyer’s market in sales translates to a tenant’s market in rentals. The pool of potential tenants decreases as more people opt to take advantage of falling prices and buy their own home. Add to this the enormous number of new apartments going up everywhere you look and supply is beginning to outstrip demand by some margin. Tenants have more to choose from and they’re becoming more selective and demanding.
In suburbs across every Australian capital city, and in almost every major holiday destination along the East Coast, you can find a short-term rental property listed through Airbnb.
Most of these short-term rentals are being listed by the property owner, either an investor or owner-occupier, but increasingly tenants are illegally subletting a room or the whole property, unbeknown to the owner.
A well-presented one-bedroom unit in a good location can be more desirable for renters than a larger apartment in a secondary location.
This near-new one-bedroom apartment in Turramurra was recently leased in a highly competitive market.
The ground floor apartment is close to public transport and amenities, offering an easy walk to Turramurra train station, local shops and schools.
Located within a security building, the open plan layout extends the living space and gives the one-bedroom apartment a much a larger feel.
The contemporary, streamlined kitchen flows into the dining and living rooms and takes full advantage of the North facing balcony. The fresh carpet and quality appliances throughout created a big and broad appeal for this small apartment.
The Turramurra rental property specs:
Gas kitchen with Caesar stone bench tops and splash back
Shower over bat
Bedroom with built In Robe
Internal laundry with dryer
Spacious storage cage
Split system Airconditioner
Changing lifestyle preferences, a lower purchase price and higher returns are bolstering investor demand for one-bedroom apartments.
If you own a one-bedroom investment property and want to know how best to attract suitable tenants in a competitive market, an experienced property manager local to your area can help. Stills Properties has spent over thirty years servicing properties on Sydney’s North Shore. Contact us to discuss your needs.