Malta’s real estate market is booming, with rental properties being in high demand, making it vital for your apartment to stand out to attract potential tenants.
Whether you are a seasoned landlord or just starting out, there are several strategies you can employ to enhance the rentability of your apartment and give your tenants a place to call home.
Let us guide you through the process of maximising your apartment’s rental potential.
UPDATE THE LOOK OF THE CURB AND AREA IN FRONT OF YOUR PLACE ATTRACTIVE
First impressions matter, so investing in maintaining the exterior of your apartment building is more important than you might think. A well-kept façade, clean entrance and vibrant landscaping can create an inviting atmosphere that draws in potential tenants.
UPGRADE THE INTERIOR DESIGN
Consider giving your apartment more than just a lick of paint every few years. Pick paint colours that go well with the surroundings, such as blues if the property is close to the sea, or neutral greens that enhance any countryside walk-ways in the vicinity.
Don’t just stick to current trends but select timeless décor that will last for much longer, as well as ones that are adaptable to different tenant preferences. Replace outdated fixtures and hardware, whilst doing a quick check when tenants change.
Offering furnished or partially furnished apartments can attract tenants who prefer a hassle-free move, or foreigners that reach the island with just their preferred basics of clothing.
Make sure the furnishings match the aesthetic and are of good quality – not necessarily expensive but cheap furnishing quickly deteriorate with wear and tear, and won’t be worth your initial investment.
Incorporate the latest amenities to make the place look more put together and reduces any complaints from tenants about high electricity bills, as old appliances are known to eat away electrical usage.
High-speed internet, air conditioning, energy-efficient appliances and ample storage space are features that can set your apartment apart from others.
FOCUS ON SECURITY
Safety is a top priority for renters. Remember that this will be their home, many times for the long-term. Install secure locks that don’t have to cost an arm and a leg, place smoke detectors and even perhaps a security system. Highlight these features to assure potential tenants that their well-being is a concern.
EMPHASISE LOCATION BENEFITS
Highlight the unique advantages of your apartment’s location. Whether it is proximity to public transportation, schools, popular attractions, shopping centres or leisure places, these factors can greatly influence a tenant’s decision and keep ones looking for other alternatives at bay.
EFFICIENT SPACE UTILISATION
Make the most of your apartment’s layout by optimising space; as this could be a feature that adds worth to your apartment in the eyes of potential tenants.
Open floor plans that allocate small additions, built-in storage solutions and multi-purpose furnishings can create a sense of spaciousness and functionality.
SAFEGUARD YOUR INVESTMENT
Consider getting landlord insurance to safeguard your investment. Landlord insurance can provide coverage for property damage, liability protection and even loss of rental income. Speak to your insurer and get financial security in case of unexpected situations.
REGULAR MAINTENANCE OPTIONS
The reality is that not many people are friendly with a screwdriver and a wrench. Apart from that, wear and tear does cause certain fixtures to get slightly damaged along the years.
Keeping this in mind, a landlord that provides the option for tenants to have a maintenance or handy person to refer to when such damages happen, can give them peace of mind. Promptly address repairs and conduct regular checks to ensure everything is in working order.
Transform your apartment into a sought-after rental property in Malta’s competitive real estate market. Catering to tenant needs and creating a comfortable living experience will ultimately contribute to your success and peace of mind.