Increase Your Rental Return – Permanent Rentals 15 May 2019 - Investment Tips
In this series, we discuss the first of simple tips we deploy to increase your rental return in the permanent rentals pool. The following strategies are tested through experience and have proven effective for us in increasing rental return and reducing vacancy rate.
Tip #1 to increase your rental return: Timing is crucial
Did you know that the timing of your property becoming available in the market place is extremely important to ensuring higher rental return and lower vacancy rate?
As a rule of thumb, more tenants move around and look for properties during the hotter months. Our best months for finding a high quality and paying tenants are:
1 – Hotter months: more people move about and potential tenants are more actively looking during this time of the year. The months to look out for are September, October;
2 – Beginning of university: end of January and early February is often a great time to look for tenants because there are a lot of university students looking for accommodation and as such there will be a lot of competition for properties during this time of the year;
3 – High holiday letting period: during months such as September, October, November and January, holiday letting is at its peak and as such, a lot of owners take advantage of this time and convert their properties into holiday letting. At the same time, there are a lot of permanent tenants looking for properties for rent, and this pushes the demand up while the supply is lower.
At Nuvaq, we are very sensitive to the timing of when a property becomes available – when to advertise a property, when to end a lease, and when to extend a lease to, because of the considerations above.
Your dedicated property manager will be able to recommend the best times to extend a lease, advertise a property and end a lease in order to increase your rental return and occupancy rate.
We plan in advance not only to ensure an owner’s property return is optimised, we also plan for potential volatility in the market place.
To find out what are the best times for your property to be available for rent, or whether or not to approve of an extension, please send your name, number, property address and lease expiry date to email@example.com or contact us to find out more about how to optimise your rental returns.