Renovating in Perth to maximise rental income
New reports have surfaced which show Perth rental prices going through the roof due to increased demand from the mining boom.
Mining companies are looking up and down for available properties in order to house their growing workforce as activity in the resource sector grows.
Furnished apartments in particular are in high demand according to MLG Realty chief executive Marcus Gilmore.
Gilmore tells The West Australian: "Up until two months ago, a two-bedroom furnished apartment would rent for between $700 and $750 per week. Now we are setting records every week, with rentals being leased as high as $950 per week.
"We are predicting similar increases in CBD rents to Karratha and Port Hedland, with one-bedrooms expected to hit $800 per week and two-bedrooms expected to go as high as $1,250 per week by early next year."
Investors in the area may see the situation as a signal it is time to spruce up their rental property.
Mining companies are more likely to prefer fully furnished dwellings, as it means that families can move in more quickly.
With some properties being leased within an hour of hitting the market, savvy owners may be able to further boost the value of their property by doing a quick bit of house painting, or perhaps increasing functionality by renovating the bathroom.