While the South African rental market may be experiencing tough times, that doesn’t mean you can’t get decent rental yields on your properties. But to do so, you need to offer renters as attractive a proposition as possible. Here are four tips to consider.
1. Get the basics right
Take a critical look at your property and see where you can make quick and easy improvements. While relatively inexpensive, these changes can have a big impact on potential tenants. So consider updating light fixtures, repainting where necessary, re-grouting in bathrooms if needed, etc.
2. Consider furnishing your apartment
At One on Whiteley, we’ve observed that furnished apartments generally get better rental yields than unfurnished ones. While you should consider your target market – whether students, young professionals, business travellers or families – in general, opt for modern and relatively neutral furnishings that are comfortable, durable and in excellent condition.
3. Set the right rental price
In a tough market, setting your rental price is a balancing act between remaining competitive and getting good returns. Take all factors into consideration when setting a price – including the location and condition of the property, the market, and your desired returns – and settle on an amount that will work for you and your potential tenants.
4. Offer excellent security
Security is always a priority, whether you’re a homeowner or tenant, so ensure that your property has good security measures in place to provide your tenants with peace of mind.
Perfectly positioned in the heart of Melrose Arch, One on Whiteley is a luxury residential development in South Africa’s most exclusive mixed-use precinct. It offers unparalleled urban living ideal for working professionals, first-time buyers, corporate long-stay tenants and property investors.
For more information or to book a viewing, contact Tersia Taljaard on 063 695 7571 or email email@example.com.