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How to raise the rent by 10%

Wondering how to boost your rental returns? Here is our list of key do-ups that will raise your rent by 10% without risking vacancy.

Monday, April 24th 2017, 1:31PM 1 Comment

by The Landlord

Most people realise that renovations should add value to a property.

And the reality is that if you’re running your property investments as a business, renovations need to bring in a higher weekly rent, or money isn’t being well-spent.

Well-chosen renovations can add 10% or more to the weekly rent.

Others, however, cost an arm and a leg, but only add value on paper, not on the rent itself.

In order to raise the rent, a renovation must deliver tangible value to your tenant.

So there should be no surprises then that almost every expert we spoke to said the top renovation is adding bedrooms.

A three bedroom property, for example, will rent for more than a two bedroom, even if the footprint is the identical size.

That’s because renters either want to put more people in the house or would like to use the extra bedroom as a study or a media room.

But there are other rent-boosting renovations you can do. Here’s our list of the top five:

1. Adding an extra bedroom

2. Converting the garage

3. Putting in a granny flat

4. Getting a great paint job

5. Making bathrooms better

In the latest issue of NZ Property Investor magazine, we explore what these renovations involve and why they are profitable.

To read the full story, click here to get the digital issue of NZ Property Investor magazine.

Subscribe to NZ Property Investor magazine here to get great stories like this delivered to your mailbox every month.

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Comments from our readers

On 27 April 2017 at 4:19 pm Lizarn said:
6. Double Glaze with uPVC. We did just that for about the same price as painting the whole 100msq unit - $15,000

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Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

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