Why Am I Not Getting Higher Rents?

So you've bought a great a property and it's been rented out for awhile, but hang on, why am I not getting more rent? The value of the property has increased, so shouldn't the rent?

Recently I looked at how to increase the rent without losing tenants. Now here's a look at why you may not be able to increase the rent, even if you wanted to.

Your property needs some love

If your property is not looking sharp, then you will not get rent increases. There will be no competing tenants for your property if the paint is peeling, the carpet is threadbare and the yard is overgrown. Spend some time and money on making it look the best it can be.

What do tenants see?

Just like some new parents baby proof the house by crawling around at baby level, look around the house like you are seeing the place from a tenants perspective. What do they want, what do they see, what would turn them off? Correct those (within reason) and hopefully you will get more rent.

What have you let go?

What maintenance activities need to be addressed? Are there taps dripping, chipped tiles, a broken cat flap? You won't get top dollar for something that looks less than loved. So, fix the issues, replace that carpet if needs be, make sure the dishwasher is working and the drains aren't clogged.

Who on earth would choose that?

Purple walls with green flowery carpet - are you serious? No one is going to want to fork out good money each week to live in a bad 70's movie. Choose neutrals that are easy to maintain!

Simple upgrades

Get the experts in and see if adding a half-bath or a kitchen upgrade will likely increase the rent. Do the maths and see if it's worth it. you may find that a $1000 investment turns into a $5000 annual profit.

"Tell Him, He's Dreaming"

How realistic are you being? What are comparable properties renting for? Just because you own it, doesn't mean it should automatically be rented out for more.

So what tips do you have in getting more rent out of your property?