How to Maximise Returns When Renting Out Your Luxury Apartment in Sydney

Nov
8
2021

If you’re looking for an investment property in Sydney, there are plenty of options available. However, if you want to truly maximise your return on investment, then you’d be wise to focus your energies on luxury apartments. There are many reasons why you should invest in luxury apartments in Sydney’s inner suburbs. Professionals are seeking a more central and connected lifestyle with nearby amenities. And since many are now working from home, they want a level of luxury similar to a resort.

WATERFALL Urban 7 bathroom

So what can you do to maximise the returns on your luxury apartment rental? Here are a few things to consider:

Find the right occupant

If you want positive cash flow, then you’re going to need a tenant. And, as any landlord will tell you, it makes sense to ensure your property is always occupied. Disruptions in your tenancy not only lose you income but also cause stress and takes time as you try to find a replacement. 

With this in mind, it’s important to properly screen tenants to ensure the person living in your apartment is clean, professional and punctual with payments. And, once you find this person, it’s worthwhile to do what you can to hold onto them.

Sourcing and keeping good tenants is a time-consuming task that savvy investors will delegate to experienced property managers. Not only do they have the tools and databases to screen tenants, but they will also have existing contacts within the industry.

Regularly review your rent

Sydney’s property rental rates can fluctuate (especially in recent years), so it’s essential to regularly review the rent you’re charging your tenants. Are you in line with current market rates? Could you revise your rental rates and increase them due to high demand? If you do decide to increase rent, you still need to abide by the terms of the lease as well as State regulations. 

Special features

On-site Building Management

Giving residents access to an on-site manager is a sign of a truly dedicated living complex. The convenience of an on-site building manager who takes care of everything from general building maintenance to accepting deliveries is immeasurable and incredibly appealing to busy tenants.

Parking:

A good apartment will offer off-street parking at a minimum but to entice the highest-quality tenants, your property should provide a garage or covered parking.

Heating and Cooling: 

Landlords are legally obliged to provide a temperate climate for their tenants, but luxury apartments go beyond the traditional AC with central air/heat with smart controls and even fireplaces. 

Kitchen:

A basic dishwasher is a good place to start, but you’ll add more value if you include luxuries like stone benchtops, high-end finishes and appliances, and smart technology. We always recommend investors take the upgrade package where possible for premium fixtures and fittings.

Exclusive residents recreation amenities:

These days, renters are looking for properties that are more than just a place to eat and sleep – they want a haven for relaxation and recreation. With this in mind, luxury complexes with features like infinity pools, state-of-the-art gyms, rooftop lounges, game rooms and shopping facilities can charge a premium.

Here at Crown Group, we specialise in luxury apartments, so find out more about our properties such as The Grand Residences, Waterfall by Crown Group and Mastery by Crown Group today! For more information on our property management services, please visit Crown Property Agency.

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