The cost of renting is greater than the cost of buying property in many locations right now. For instance, CoreLogic figures showed that more than 55 per cent of homes in Brisbane and 73 per cent of homes in regional Queensland were cheaper to buy than to rent.
While this might seem a good time for renters to consider their position, it is unlikely to create a mass exodus from rental properties. For one, not everyone can afford the risk of rising interest rates.
It is, however, a timely reminder for landlords that good tenants may mean the difference between a high and a low-performing investment.
Finding and keeping a great tenant may be just as important as finding the perfect location for your investment property.
Good tenants will treat your property like it is their own. They will respect your investment, which will minimise your maintenance costs.
A good tenant pays their rent in full and on time, which helps your cash flow and stress levels.
Quality tenants tend to make a longer-term commitment – and you know that every time a tenant ends their lease it can potentially cost you money.
Good tenants make for a happy neighbourhood, and happy neighbours will look out for your property.
Improving your investment property can go a long way toward attracting and keeping quality tenants. An investment property is like a car – you need to spend money on upkeep and maintenance. Fixtures and fittings don’t last forever.
When was the last time you improved your property?
Not only does it help the capital appreciation of the property and ensure that the property remains a safe and pleasant environment for your tenants, a new dishwasher or replacing carpets may feel to them like a reward for their exemplary behaviour in your property.
A consistent, reliable and happy tenant will look after your property and help you generate the best returns from your valuable investment. With a high-quality tenant and a great property manager, you may rest easy knowing that your investment is in good hands.