When it comes to property investing, rental income plays a huge role in holding power and long-term profitability. But did you know that just a few minor upgrades—done for under $1,000—could help you command $5 to $20 more rent per week?
Yes, a property’s presentation strongly impacts both tenant quality and rental return. And no, you don’t need a full renovation to see results. With the right low-cost improvements, you can elevate your property’s appeal and rental yield.
Let’s explore budget-friendly ways to increase your rental income, and how each option could improve your bottom line without breaking the bank.
Repaint to Refresh
A fresh coat of paint is the fastest way to improve how your property looks and feels. Over time, walls accumulate scuff marks, stains, and wear that make a place look tired and poorly maintained. A repaint can quickly change that perception.
Top Tip: Stick with neutral, modern tones that appeal to most tenants—steer clear of loud or polarising colours.
- Cost: $500 (plus a weekend of effort)
- Estimated Rent Increase: $10/week
Add Off-Street Parking
In high-density suburbs or inner-city locations, parking is a premium feature. If your property has the space for a driveway or carport, adding it can boost both appeal and rentability.
Tenants will gladly pay more to avoid the daily struggle of on-street parking.
- Cost: ~$1,000
- Estimated Rent Increase: $5–$10/week
Install Additional Storage
Tenants love built-in storage. Adding wardrobes to bedrooms or simple shelving can significantly improve the functionality of your property.
Visit affordable retailers like Bunnings or IKEA to find modern and budget-friendly options.
- Cost: ~$1,000
- Estimated Rent Increase: $5–$10/week
Affordable Bathroom Upgrades
Bathrooms are often deal-breakers for tenants. Fortunately, you can modernise this space without a full renovation.
Small changes that make a big difference:
- Repaint tiles with tile-specific paint ($400)
- Remove mould and sand flaking paint ($30)
- Install a new shower curtain ($10)
- Refurbish the vanity unit with paint and handles ($100)
- Upgrade showerheads and taps ($300)
- Total Cost: ~$840
- Estimated Rent Increase: $10–$20/week
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Replace Worn-Out Carpet
Old, stained, or worn carpet can turn tenants away instantly. In smaller units, replacing high-traffic area carpets (like lounges or hallways) can be done affordably.
Where full replacement isn’t possible, a deep clean of bedroom carpets may be enough.
- Cost: ~$1,000
- Estimated Rent Increase: $5–$10/week
Add a Dishwasher
Kitchens with a dishwasher rank higher on most tenants’ must-have lists. Adding one is easier than you think, especially if existing plumbing is accessible.
You can find second-hand units online for $150–$300 or purchase new from $500–$700 including installation.
- Cost: ~$650
- Estimated Rent Increase: $5/week
Include a Washing Machine and Dryer
For units or apartments where shared laundry facilities are common, installing your own washer and dryer can give you an edge.
Even if you don’t have a laundry room, many landlords install machines discreetly in kitchen cabinetry.
- Cost: Varies (can be done under $1,000 with careful planning)
- Estimated Rent Increase: $5–$15/week
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Budget Kitchen Makeover
The kitchen is the most important room in the house—both for buyers and renters. While full renovations can cost tens of thousands, a basic refresh can go a long way.
Low-cost makeover tips:
- Paint cupboards and splashback tiles ($300)
- Replace old handles with modern ones ($200)
- Upgrade sink taps ($200)
- Replace a dated oven or stove with a second-hand unit ($300)
- Optional: update vinyl flooring ($600)
- Total Cost: ~$1,000
- Estimated Rent Increase: $10–$20/week
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Should You Raise the Rent?
If your current rent is below market rates, a modest increase may be justified—even without improvements. Many landlords hesitate, fearing tenant loss, but fair market pricing is expected by most renters.
When to raise rent:
- You’ve recently made property upgrades
- Comparable properties in the area are charging more
- You haven’t increased the rent in over 12 months
Consult your property manager for local data and advice on a fair increase.
Boosting rental income doesn’t always require big spending. By focusing on minor upgrades that improve liveability, aesthetics, or convenience, you can enhance your property’s appeal and increase your rent—often by more than enough to cover the initial investment within a year.
Be strategic. Not all improvements offer the same return. Focus on the features your tenant demographic values most, and make sure your upgrades align with the quality and style of your property.
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