Purple Cow’s Allen Lyngkuist explains the benefits of regular rental reviews and strategic rent increases for investment properties in Greater Springfield.
Regular rental reviews are essential for keeping your property competitive and ensuring you maximise your returns as a landlord.
The Greater Springfield rental market is constantly evolving. With Queenlands’ population growth and newly built rental homes being released onto the market, what tenants are willing to pay at different times of the year can fluctuate. It’s important to ensure your weekly rent reflects the current market by conducting regular rental reviews ahead of lease renewals or leasing campaigns.
In Queensland, rent increases are restricted to once every twelve months. Adjusting rent strategically helps you maintain a balance between attracting quality tenants and earning the best possible income. If your property is priced too low, you may be missing out on potential revenue, while setting the rent too high could drive tenants away, leaving your property vacant. A well-timed adjustment based on market data can help avoid these pitfalls.
At Purple Cow Real Estate, our property management team conducts regular market assessments and works with you to review rental prices, ensuring your property remains attractive and profitable. By staying on top of market trends, we help you maximise profits over the long term.
Want to talk to Allen?
Contact him at:
Allen Lyngkuist
Investment Growth Adviser
Purple Cow Real Estate, Springfield Lakes
0488 088 206
allen.lyngkuist@purplecowrealestate.com.au
