New research from RP Data claims that rental prices have risen significantly since the end of 2007.
According to research shown by RP Data’s latest Property Pulse, between the end of 2007 and mid 2013 there was an increase in rents of 32.1 per cent.
Analysts from RP Data advise this is currently creating an excellent market for investors, particularly when coupled with low interest and mortgage rates.
One of the contributing factors listed as a cause of the growth in rental values has been the significant number of renovations that are taking place. Renovating investors are believed to be helping to drive rental prices upwards.
For investors who choose to complete a renovation to their investment property the benefits are two fold, not only may this help them to increase the rental value of their property, but they may also be entitled to claim more depreciation deductions for their property.
To read an article with further details about RP Data’s latest research click here.
To find out what depreciation deductions are available when renovating, click to request a quote.