How to maximise rental yield in Melbourne’s property market

Owning an investment property is about more than simply collecting rent.

The quality of your property management can have a significant impact on your rental return, vacancy periods and the calibre of tenants you attract.

Many rental providers assume that if their property is leased, everything is working as it should. However, the difference between an average leasing campaign and an exceptional one can equate to thousands of dollars over the life of your investment.

What does a strong leasing campaign look like?

A successful leasing campaign isn’t measured by how quickly a property is advertised—it’s measured by the level of tenant demand it generates.

Over the past three months, MRE leased 415 properties. On average, each property achieved:

• 45 tenant enquiries
• 9 property inspections
• 5 rental applications

More qualified enquiries create greater competition, giving rental providers more choice and often leading to stronger leasing outcomes.

Why some properties outperform others

It’s easy to assume rental price is the only factor influencing demand, but several elements determine how successfully a property leases.

These include:

• Professional marketing and photography
• Accurate pricing from day one
• Fast response to enquiries
• Flexible inspection times
• Property presentation
• The experience of the leasing team
• Local market knowledge

Small improvements in these areas can significantly increase tenant interest and reduce vacancy.

Signs your property could be underperforming

Your investment may benefit from a review if:

• It’s receiving very few enquiries.
• Inspection numbers are low.
• You’re waiting weeks for applications.
• Rent increases aren’t keeping pace with the market.
• Your property has experienced repeated vacancies.
• Communication from your current agency is inconsistent.

These issues don’t always indicate a poor property; they can simply be the result of an ineffective leasing strategy.

The questions every rental provider should be asking

Whether you are changing property managers or simply reviewing your investment, it’s worth asking:

• How many enquiries should my property be receiving?
• Is my rental price aligned with current market demand?
• How quickly are comparable properties leasing?
• What features attract long-term renters?
• What marketing channels generate the strongest results?
• How can I reduce vacancy between tenancies?

Having clear answers to these questions can help maximise both rental income and long-term investment performance.