What Tenants Really Want
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 return.
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 low maintenance gardens.
The rental market is becoming increasingly competitive, and so you must ensure your property will be in demand in its immediate area.
Excellent basic features, combined with a few added extras, will do wonders for the desirability of your property. These include:
- 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.
- 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 the first viewing is held.
- Orientation – Without people realising, a property filled with natural light subconsciously attracts them to the ambiance of the home. Focus your time on searching for properties that that allow adequate light into the main living areas throughout longer periods of the day.
- Exterior features – Properties with a low maintenance garden, a decent sized balcony or alfresco are preferred as it can provide a great entertaining platform whilst mature gardens offer a terrific natural filter to the harsh Australia heat and can provide a tranquil living environment.
- Internal and external storage – Everyone loves storage! Having the ability to store items out of view throughout the home is highly sought after and depending on the demographic a secure storage room or powered shed is desirable.
- Appliances – Some prospective tenants won’t even walk into a property if it doesn’t have a space for a dishwasher or large family size fridge.
- Location – You’ll have an advantage over other properties if your position is near local schools, shops, public transport, cafes or attractive local walks and amenities.
If you’d like to know more about the achievable rental value of a current property you own or one you’re about to purchase, we’d be glad to hear from you.