Both Wellington and Auckland are popular with landlords when it comes to apartment investing. With a mixture of permanent and visiting professionals working in both city’s CBDs, rental apartments including furnished apartments, are in high demand. Choosing the right apartment to purchase is crucial for achieving success, and as experienced property managers, we feel we are well placed to share some of our tips for you on this.

Top Tips for Successful Apartment Investing 

Before purchasing an apartment to rent, there are several key things you should consider, including:

·       Location location location – location is key when it comes to attracting professional tenants. The location of the apartment building, nearby transport options, distance to the CBD and local amenities are important features a professional tenant will look for in a furnished apartment. The position of the apartment within the building is also key, with professional tenants willing to pay a premium for a city or harbour view, which requires apartments on higher floors and specific sides of the building.

·       Apartment condition – a professional tenant is looking for an apartment which is modern, has high quality furniture, fixtures and fittings, and usually of a neutral colour palette. As a landlord, purchasing an apartment which is in a newer and well-maintained building, recently renovated or one you are happy to organise the renovation for is important. An open plan living area and balcony provides much requested entertaining and relaxing spaces.  As a landlord, a renovated high-spec apartment is also less likely to require costly maintenance.

·       Apartment size – a two- or three-bedroom apartment is more likely to attract long term tenants, with one bedroom and studio apartments more suited to shorter term stays. Take care to select an apartment which has an appropriate square meterage for the number of bedrooms it has, such as above 80m2 for a two bedroom and 110m2 for a three-bedroom unit. A small apartment with three bedrooms is unlikely to be as appealing as a larger two-bedroom unit for professional tenants, commanding a lower rental.

·       Property management – choosing to use the services of a property management company rather than taking the DIY route provides multiple benefits. As your property manager, we provide a bespoke service that meets your needs. We have contacts in both top interior design and furnishing stores and can help with offering small tips and tricks to maximise your apartment’s appeal or completely furnish it. We take care of rent collection, tenant screening and selection, property inspections, your landlord legal requirements, manage any maintenance and repair issues, and be the single point of contact for your tenant.

We recommend completing your due diligence before apartment investing, using the services of building and valuation professionals where required. We’d love to discuss how we can help take away the worry of managing your newly purchased rental apartment from you. We look forward to hearing from you soon.