There are many different options put out there, anything from refurbishing to full renovating, but there is one other criteria for higher rental returns.
Position, Position, Position
That’s right. It’s the ’same old, same old’ with real estate. Position, Position, Position. But usually you hear that comment in relation to growing property values.
As far as renting is concerned having a rental property in the right rental demand area also gives the investor higher rental returns.
Earlier in the year Enzo Riamondo, CEO REIV said that “Melbourne rental market has progressively tightened over the past 5 years” and a tightening rental market drives rental income up.
Victoria has had low occupancy rates for some time and regional Victoria has also experienced lower rental occupancy rates than even in Melbourne.
Looking for properties in areas that have strong rental demand is one criteria that should be considered in a business plan.
Filed Under: Property News