Understanding what tenants want can make your life as a landlord significantly easier, regardless of whether you’re considering your first investment property or your tenth.
You must be confident that you’re buying an asset that will attract keen demand and a strong rental price.
Your baseline must be the quality of the property itself. It has to be clean with a functional kitchen, bathroom and reasonably spacious living area. Bedrooms that will take queen-size beds score well, as will a balcony and access to a garden.
As a next step, tenants are looking for a lifestyle. This includes shops and restaurants that are within walking distance, somewhere to park a car, good access to public transport and a reputable local school, or proximity to a university.
The rental market is becoming increasingly competitive, and so you must ensure your property will be demand in its immediate area.
As your local real estate agent, we will advise you on the level of rent you should apply and help you attract a good tenant who’ll see the property as part of their long-term future.
Excellent basic features, combined with a few added extras, will do wonders for the desirability of your property. These include:
1. Comfortable living: While space is all-important, good tenants will only stick with a property if it offers comfortable living. That means you should have proper heating and cooling.
2. Ready to go: Prospective tenants will judge your property as it is. They’re not interested in promises of a new bathroom vanity, an air-conditioning unit or repairs to broken windows or doors. The property must be ready for rent when we show it.
3. Safe and secure: There’s no compromise here. Tenants must feel they’re safe and secure in the property. Security measures, such as deadlocks and bars on windows, are regarded favourably, especially in city properties.
4. Room to move: A property with a balcony, or access to a shared garden, are popular, especially as it has become increasingly common for tenants to work from home.
5. Fast internet access: It’s a great idea to ensure your investment property is connected to the NBN or has good internet access. Even though you won’t have to pay for the service, this has become a high-demand item.
6. Laundry area: A must-have for a reliable tenant. They don’t want to spend hours sitting in a launderette, feeding dollar coins into washing machines and driers.
7. Dishwasher: Some prospective tenants won’t even walk into a property if it doesn’t have a dishwasher.
8. Short walks: If you’re looking to invest in an inner-city property, you’ll have an advantage over other properties if your position is near local shops and cafes or attractive local walks.
9. Storage: If there’s somewhere to store personal items like a surfboard or motorbike, perhaps a lockable wire cage next to a parking space, this will be a huge plus for prospective tenants.
