The 5 things to consider that can help increase your rentability

Discover easy-to-follow steps you can take to increase your rental income.

If you have any more questions or need further clarification, feel free to ask!

What does ‘Rentability’ mean?

The term “rentability” refers to the degree to which a property is suitable for renting or being rented out. In other words, it assesses how easily a property can be leased to tenants. When evaluating rentability, landlords and property owners consider factors such as location, condition, amenities, and market demand. A highly rentable property is one that attracts potential tenants and maintains consistent occupancy rates.

Know your target tenants

When investing in a property, it’s crucial to understand your target tenant demographic. Different types of tenants—such as singles, couples, friends, co-living groups, and families—have varying preferences. Consider the property size and location: smaller units near entertainment may attract singles and couples, while larger spaces near universities could appeal to friends or co-living arrangements. Families often seek homes close to good schools and family-friendly amenities.

Asses the unit condition

How your house looks will directly impact the rental income and desirability. The best practice is to keep the property in good condition through regular maintenance by keeping aside a small budget equivalent to 1 month’s rent. Small increments are less costly than a full-on renovation.

Engage a good property agent

Choosing the right agent is crucial in securing a good tenant, keeping a good record, and maintaining professional conduct with all involved parties. Choose an agent with good reviews and a proven track record in rentals. You can check your agent transaction record on CEA Public Register or read reviews on PropertyGuru Find Agent feature.

A good agent can help you strategize and provide feedback on potential objections, market conditions, competition, and price. Keeping a good record of the property’s condition will also diffuse future tenant disputes. Throughout the tenancy, the agent can handle day-to-day operations and maintenance, ensuring optimal rental income while relieving you of the management burden.

Price it right

With the help of an agent or using free tools such as URA Private Residential Property Transactions, you will gain insight into actual transactions of units similar to your property. Another good practice is to evaluate what other units are listed and their asking price.

When comparing, consider factors such as the competition within the condo over similar-sized units, the neighborhood, and the nearby area to align with the market conditions.

Overpriced properties tend to stay on the market longer, ultimately losing any financial gains due to being vacant for extended periods. You have to be realistic and consider the condition and other variables when doing so.

Build relationships with tenants

Small things go a long way. Foster positive relationships with your tenants by addressing their concerns promptly, and showing appreciation for their tenancy. Happy tenants are more likely to stay longer and may be more receptive to rent increases, following market conditions.

For additional advice, feel free to contact me.

Contact me

5 Things that can help increase your rentability

The 5 things to consider that can help increase your rentability