The rental real estate market is one that is known for being hugely competitive, with certain areas and suburbs vying for the attention of prospective renters as supply and demand rise and fall. Naturally, this means that to succeed as the owner of an investment property, you must stay competitive and provide benefits that will draw in prospective renters, especially in areas with a higher asking price.
With that being said, what comes to mind when we refer to these “benefits”? For many, it will evoke images of immaculate gardens, pools, regal fixtures and other high-class additions. However, whilst these will definitely be drawcards, they aren’t the only things that renters are interested in. On the contrary, in fact, as many renters are more interested in the practicality of a space that they may be residing in for many years, rather than focusing on the flashier additions that often act as “icing on the cake”.
This is where storage ideas for rental properties can be an invaluable tool in luring in renters. At My Rental, we provide state-of-the-art, innovative property management services for hundreds of Australian properties. So, to help you get the most out of your investment, let’s take a look at a few simple storage ideas for rental properties.
The Kitchen Cabinets
While those of us that don’t consider ourselves culinary artisans may not think about it quite as often as other rooms, a well-stocked kitchen really does need a lot of storage space. From pantries to places for pots and pans, the moment that you run out of places to put your kitchen supplies is the moment that your kitchen starts falling into chaos.
It may not be the first thing that individuals look at in a home, but for couples with children, this can make or break the viability of a space. So, to avoid losing out on valuable potential renters, make sure that you have ample storage for all the elements of a kitchen. It’s also important to ensure that these spaces are clean and free from dust or mould, as a misplaced piece of foodstuff in a kitchen cabinet can end up being the final straw of a good renter turning down a property.
With that said, there is such a thing as too many storage spaces in these smaller areas…
Work With the Space You Have
We’ve all been in homes that seem spacious at first, only to find that the overwhelming number of cabinets, draws and segregated little alcoves make the whole home feel stifling and claustrophobic. That’s why it’s important to be smart with your storage spaces, even if it costs a little extra to do so. Some storage ideas for rental properties may involve renovating and adding storage areas that go into the walls, rather than jutting out and creating an uncomfortable living environment.
Your available storage areas can even dictate what the room is used for. For example, the number of bedrooms that a property has will inevitably have a strong impact on the potential asking price. Because of this, many property investors have taken the initiative to add built-in wardrobes to studies and rumpus rooms, thereby converting them seamlessly and simply into new bedrooms. Remember that the more bedrooms you have, the more chances you have to entice families that have a distinct need for the extra rooms.
Although the initial cost of having renovations done on your property may be slightly off-putting, it’s additions like this that, if done correctly, will allow you to increase the asking price. So, even if it involves spending some extra money, you’ll certainly make it back in the long run.
The Outdoor Assessment
Not all storage ideas for rental properties end at the front door. Whilst this won’t necessarily apply to those that are renting out apartments, a small outdoor storage space can go a long way when displaying a property for rent. This can come in the form of a well-designed shed or dedicated storage unit, however, if you have a garage space as part of your investment property, there are so many things that can be done.
Industrial wall hangers are beginning to become the norm for garages, as they provide an easy way to store things like tools, bikes and supplies without them getting in the way of your car or work. Just remember that any outdoor storage area needs to be well protected from the elements, as mildew and water damage are big concerns in outdoor spaces, especially older ones.
If you are renting out a furnished space, then the sky is the limit when it comes to storage ideas. The past decade has seen a rise in minimalistic, ergonomic furniture that allows you to have furnishings that offer multiple uses, thereby negating the need for large, space-consuming shelves and tubs. Whether it be a coffee table with shelves and drawers beneath or even a bed with a pullout tray area for larger items, these will provide your renters with a wealth of space that is sure to turn heads.
Most serious renters will want to be able to properly picture themselves living in a space, and if they can enter a property without ever asking “where is *blank* going to go?”, then they will have a lot more peace of mind when signing that lease.
At My Rental, we provide Australian property investors with innovative property management services that are simple, transparent, and highly affordable. To find out what we can do for your property, contact one of our property management specialists today.