Seven ways to stand out in a crowded rental market
The rental market in Wellington has always been a cyclical one, with the market more buoyant at the start of the new year tailing off into Winter when demand tends to decrease. This start of this year was no different, with plenty of demand for rentals. However, the decrease in demand appears to have taken grip slightly earlier with enquiries and attendance of viewings noticeably reducing from April.
Some factors affecting this change appear to be the rising cost of living which is impacting on people’s decisions to move home. Unless there are legitimately good reasons to incur the costs involved in moving home and potentially paying a higher rent, people are choosing to stay put.
Secondly, the landscape of the sales market has changed quite drastically in Wellington, with more properties not selling. A good portion of these properties have come to the rental market in recent times, which has fuelled supply at a time when the demand is generally dropping. This means prospective tenants have more choice in the market and is leading to competition between rental listings.
Just Property Management Team has prepared seven tips to help your property stand out in a busy rental market:
Rent level - Ensure you carefully consider the rent you will charge. The first week or so of marketing is usually when we see the most enquiry on properties. Ensuring the property is advertised at an appropriate level from the start will help guarantee a good response and potentially result in more prospective tenants to choose from.
Marketing of the property – It’s imperative that your property stands out against other advertised comparable properties. Consider using a professional photographer to capture the property features in their best light. Ensure the property description is well worded and attracts potential tenants to make an enquiry. You may also consider investing in upgrades to the advertising to make your listing stand out and appear ahead of other listings to increase its reach.
Staging – If your property is vacant, invest in staging to show prospective tenants how the property can look when furnished. Staging can be expensive but there are also digital staging options available which can be more cost-effective.
Property presentation – First impressions count! Ensure the property is well presented, clean and tidy and tackle any outstanding maintenance if possible before prospective tenants view. Additionally, any gardens and lawns should be tidy and make sure you are compliant with the healthy homes standards as tenants will prefer properties that are up to date versus those that require further work.
Pets – If the property is suitable and you are open to the idea of allowing pets, this can be a huge advantage as well as open the option up to a larger pool of potential tenants. With almost two-thirds of NZ households having pets and limited supplies of pet-friendly properties, we usually see increased demand for properties where pets are allowed. The risks can be minimised with additional tenancy clauses, regular inspections and good vetting of potential tenants.
Include whiteware – Consider supplying whiteware included with the tenancy. This can be a big investment for tenants who do not own their own whiteware and the appeal of not having to maintain their own whiteware may be a deciding factor if a tenant is looking at one property with this supplied versus one that does not.
Improvements & upgrades – Making small improvements to your property can make a big difference to its appeal. If it’s time to upgrade the décor, carpets, improve the heating or upgrade the kitchen or bathroom, a vacancy period between tenancies can be a good time to do this. This could potentially result in a higher rent as well as resulting in more enquiries on the property.
If you would like some up to the minute advice on what’s happening in the Wellington market, rent levels that are being achieved for properties in the current market and what tenants are looking for when it comes to their search for property, do get in touch with us.
We can offer free no-obligation rental appraisals and advice around marketing of your property to minimise vacancy and attract the best quality tenants.