Lre1109 01 Crowded Market Blog

Ideas to help lease out your rental property

‘Unpredictable’ is one of the words that best describes 2020, and with the unexpected comes a need to adjust and adapt. Due to the pressures of COVID-19 there has been an increased amount of available rental properties on the market.

With the need to lease out your property still as important as ever, we have asked Robert Marshall, Regional Manager of Victoria, a few questions about making your rental stand out in a crowded market.

What can landlords do to help their property get leased out in such a busy rental market?

What features are important about a property to tenants, and since COVID-19 has hit, have the desired types of rentals changed?

“In general people are looking for larger properties with more space. People are often now looking for properties that have a home office and an outdoor area,” Robert said.

“Inner city locations aren’t as popular anymore with South Yarra, Melbourne including CBD and Southbank, Hawthorn, Carlton and Richmond being our top 5 areas with the most available properties,” he added.

Do landlords have to reassess the pricing of their property due to a saturated leasing market?

“The market in areas that are over supplied such as the suburbs mentioned above has had to make significant price adjustments.”

Should available rental properties be furnished or empty for open inspections? Does one or the other perform better typically?

“Unfurnished properties are performing better at the moment. The furnished property market was heavily impacted by COVID-19 with travel both international and domestic stopping,” Robert said.   

What are some smart ways to refresh a rental property without spending too much money? 

  • Giving the walls a fresh coat of paint.
  • Update the floor coverings.
  • Furnish windows.

What types of freedoms should landlords consider with their rentals?

“I think all tenant requests should be in writing and agreed by both parties to avoid any issues at the end of the lease,” Robert said.  

There were new laws on pets and renting in Victoria which came into effect on 2 March 2020.

Tenants must now request their landlord’s consent to bring a new pet into the property. Landlords must not unreasonably refuse. It does not matter when their lease started, but these laws do not apply to pets already present before 2 March 2020. Before this date, there were no laws directly covering pets in rented homes.

Note: All tenants have duties related to damage, cleanliness and nuisance, regardless of when they started keeping a pet. For more details, see more information on if a pet causes damages or other problems.

If you have any questions or concerns about your investment property, don’t hesitate to contact us. You can also request a free rental appraisal from our team to understand the true worth of your property.