Hi everyone, Leonie here from Wealthology and today I wanted to give you some tips to increasing your rent on your investment properties. December is a great time to notify your tenant that you’ll be increasing your rent. So we recommend having your tenancy agreement expire in January. You must give eight weeks notice to a tenant that you’re increasing the rent or that you’re wanting the tenant to move out. So it’s a very very busy time of the year. And quite often people are out shopping, going to Christmas parties, they may not have time to look elsewhere for another investment property if they’re not willing to pay an increased rent. So great time of the year to send off that letter through your property manager to let those tenants know that you will be increasing the rent. What you will find is if the tenant does give notice to move out, they’re not happy with the rent increase, it is an extremely busy time of the year in January, so easier for you to find a new tenant. Some other tips we have to increase your rent, do a 12 month tenancy agreement with a clause in it that says if the market requires a rent increase, then rent will rise after six months. Another thing you can do is add in a reverse cycle air conditioner. You can quite often increase the rent for that. And a lot of tenants will ask for that. Install a dishwasher. That’s a really great way, great rental appeal for a dishwasher in a property to achieve a little bit more rent. Hope those help.
In this video Leonie gives you her top tips to increasing your rent on your investment property portfolio.
December is a great time to notify your tenant that you’ll be increasing your rent. So we recommend having your tenancy agreement expire in January. You must give eight weeks notice to a tenant that you’re increasing the rent or that you’re wanting the tenant to move out. So it’s a very very busy time of the year. And quite often people are out shopping, going to Christmas parties, they may not have time to look elsewhere for another investment property if they’re not willing to pay an increased rent.
So great time of the year to send off that letter through your property manager to let those tenants know that you will be increasing the rent. What you will find is if the tenant does give notice to move out, they’re not happy with the rent increase, it is an extremely busy time of the year in January, so easier for you to find a new tenant. Some other tips we have to increase your rent, do a 12 month tenancy agreement with a clause in it that says if the market requires a rent increase, then rent will rise after six months.
Another thing you can do is add in a reverse cycle air conditioner. You can quite often increase the rent for that. And a lot of tenants will ask for that. Install a dishwasher. That’s a really great way, great rental appeal for a dishwasher in a property to achieve a little bit more rent.
As property investors, it is important to ensure that our property is leased efficiently and for the highest possible return. Good tenants are a precious commodity – they pay their rent on time, they treat the property as if it were their own home and they stay for a longer period of time. Discover more tips for landlords about how to successfully rent your investment property.
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