{"id":7770,"date":"2018-01-10T22:00:28","date_gmt":"2018-01-10T22:00:28","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/buying-for-short-term-rental-success\/"},"modified":"2018-01-10T22:00:28","modified_gmt":"2018-01-10T22:00:28","slug":"buying-for-short-term-rental-success","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/buying-for-short-term-rental-success\/","title":{"rendered":"Buying for short-term rental success"},"content":{"rendered":"

<\/p>\n

\n

Buying an investment property doesn\u2019t always have to be about playing the long game.<\/strong><\/p>\n

Some buyers want to get in, minimise their expenses and maximise their returns in the shortest possible time.<\/p>\n

If short-term rental success is your biggest priority, here\u2019s how you might approach your next investment property purchase.<\/p>\n

Ready to go<\/h2>\n

One of the key planks of short-term rental success, of course, is ensuring that the property is rented as quickly as possible.<\/p>\n

Tips for landlords on how to attract the best tenants<\/strong><\/em><\/p>\n

Depending on the size of the property and the suburb in which it\u2019s situated, every week of vacancy will cost you hundreds, or even thousands, of dollars.<\/p>\n

And it\u2019ll take you months to make up that shortfall, so it\u2019s critical that your property is able to be rented and lived-in immediately.<\/p>\n

If it\u2019s in need of some repairs or any kind of renovation, it\u2019ll be some time before you\u2019ll be pulling in any sort of rental income<\/a>, so restrict your search to only the properties that are ready to go.<\/p>\n

Think like a renter<\/h2>\n

Tim Jess, from Investment Property Health, says that if you want short-term rental success, your investment property needs to be one that will always be in peak demand from renters.<\/p>\n

And in most cases that means it should be ideally be in a desirable inner-city suburb, or at least one that\u2019s close to key amenities and public transport.<\/p>\n

\"inner<\/p>\n

Many tenants are after rental properties close to the city or public transport, so it pays to make the location clear in an image or listing<\/a> description. Picture: realestate.com.au\/rent<\/p>\n<\/div>\n

\u201cProperties that rent out really, really quickly are ones that are in really good proximity to public transport,\u201d Jess says.<\/p>\n

\u201cYou think about who these people are that are renting\u00a0\u2013<\/span> they\u2019re people who want to use public transport regularly.\u201d<\/p>\n

\u201cRenters are becoming more and more picky. If renters have got the choice of being able to walk five minutes to a train station and hop on a train and get into the city for work, versus driving 15 minutes to the station or hopping on a bus to get to the station and being stuck in traffic for 15 minutes, it\u2019s an easy choice.\u201d<\/p>\n

\u201cIf you think of cafes, nightlife, parkland\u00a0\u2013<\/span> proximity to all those type of things is where people want to live.\u201d<\/p>\n

Maximise your tenant pool<\/h2>\n

Buying in popular areas means you\u2019ll have potential renters at almost every price point, Jess says, which is critical to ensuring you can rent it quickly, while the competition among renters means they\u2019ll likely pay you handsomely for it.<\/p>\n

\"86<\/p>\n

Buying in popular areas to live in with the rental demographic means your property will have very small periods of vacancy. Picture: realestate.com.au\/rent<\/p>\n<\/div>\n

\u201cIf you think of the areas that people really like to rent, the average price for a one-bedroom apartment might be $380 a week, and you\u2019ll have a tenant every day of the week at that sort of price,\u201d he says.<\/p>\n

\u201cYou have very small periods of vacancy.\u201d<\/p>\n

Balancing rent vs growth<\/h2>\n

Jess says that finding an investment property that will deliver good rental returns but also achieve good capital growth can be a balancing act. In the end, it\u2019s up to you to determine your priorities.<\/p>\n

\u201cThere\u2019s a bit of a trade-off from an investment perspective. You can get really high rental yields for certain properties, but the trade-off is you don\u2019t get as good capital growth,\u201d he says.<\/p>\n

\u201cFor example, you can get really high yields for an apartment. It doesn\u2019t cost you that much because it\u2019s got really strong rent, but you might not get the same capital growth. Whereas if you go for a house or a townhouse a little further out, you don\u2019t get the same strong yield but you\u2019re getting more capital growth with that investment. It\u2019s about getting the balance right, that\u2019s the key.\u201d<\/p>\n

Risky propositions<\/h2>\n

Some properties lend themselves to being rented as short-stay accommodation, which can be a lucrative but also somewhat risky rental proposition.<\/p>\n

On the one hand, you\u2019ll receive far more per night or week than you would from a regular rental, but you may also have long periods where the property remains vacant.<\/p>\n

\u201cA lot of people are talking about an Airbnb approach to property investment, where they can get really high yields but they\u2019re inconsistent,\u201d Jess says.<\/p>\n

\u201c(But) most people just want set-and-forget-type investment properties, particularly with interest rates where they are at the moment.\u201d<\/p>\n

\u00a0<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Buying an investment property doesn\u2019t always have to be about playing the long game. Some buyers … Buying for short-term rental success<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7771,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[981,788,1403,15239,617,3058,416,41,1152,818,678,645,907,3053],"class_list":["post-7770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-a-house","tag-airbnb","tag-buy","tag-chase","tag-house","tag-location","tag-properties","tag-property","tag-property-investment","tag-real","tag-rental","tag-renting","tag-tenant","tag-tenants"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/inner-city-rental_800x600.jpg?fit=800%2C600&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":126747,"url":"https:\/\/amazingproperty.com.ng\/blog\/create-a-real-estate-passive-income-stream\/","url_meta":{"origin":7770,"position":0},"title":"Create a Real estate Passive Income Stream","author":"Amazing Property","date":"April 11, 2024","format":"aside","excerpt":"Real Estate Passive Income Stream, generate long-term financial stability. 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