4 Tips for Landlords in 2024's Rental Market
Category Rental Tips
The recent ever-evolving property market demands landlords stay ahead of the curve to ensure a successful and lucrative venture. In 2024, with property prices on the rise, it's crucial for landlords, especially those new to the game, to be well-informed and strategic in their approach. Here are five indispensable tips to guide landlords through the complexities of the current rental market.
1 - Stay Informed and Monitor the Market
Rental properties are not a one-size-fits-all investment. To thrive in 2024, landlords must stay informed about market trends. Keeping an eye on the rental market helps set competitive rental prices, attract quality tenants, and minimise vacancies.
JLL Property Reports is a good resource for staying informed about the latest changes in property.
Current trends show a rise in rental yields, particularly in coastal suburbs. Factors such as increased remote work, expats returning, and a growing demand for family rentals contribute to this positive outlook. Leverage these insights to your advantage, securing high-quality tenants and maximising rental returns.
2 - Secure the Right Insurance
Landlord insurance is an absolute necessity to safeguard your investment. However, it's not a one-and-done decision. In 2024, finding the right insurance may be trickier than before. With up to 70% of insurers discontinuing rent default insurance post-COVID-19, thorough research is essential.
Seek coverage for tenant theft, malicious damage, loss of rent due to insured events, and rent default. As some companies still offer rent default insurance, constantly polling the field and seeking the right insurer is crucial to ensure comprehensive coverage for your property.
3 - Invest in Property Maintenance and Enhancements
Beyond routine maintenance, consider going the extra mile to enhance your property's appeal. In the competitive rental market of 2024, tenants are likely to be drawn to properties that offer more than just the basics.
Consider features that add comfort and style, such as ceiling fans, airconns, built-in storage, modern appliances, and energy-efficient power storage solutions such as solar or backup inverters. These investments attract high-quality tenants and position your property for a premium rental rate.
4 - Build a Financial Safety Net
2024, like any year, comes with uncertainties. Property investment, while lucrative, has its risks. Acknowledge this reality and treat your property endeavours like any other business. Establish a robust financial buffer to weather unforeseen circumstances. A safety net ensures your investment remains resilient, preventing financial stress during market fluctuations or unexpected challenges.
Navigating the rental market in 2024 requires a proactive and informed approach. By staying abreast of market trends, landlords can position themselves for success in the dynamic real estate landscape of the coming year.
Our doors are always open! Visit our website https://www.homesofdistinction.co.za/agents/ or pop by our offices for a chat. Our friendly property practitioners are always available to assist in this regard.
Homes of Distinction CC holds a Fidelity Fund Certificate issued by the Property Practitioners Regulatory Authority.
Author: Bryce Anderson
