With over 30% of Australia’s adult population living in rental accommodation, and almost half of those in the 18 to 34 year old demographic, owners of rental properties can do much to attract the most desirable of these house hunters. A recent survey of renters has given some indication of the influencing factors that determine what they want in suitable rental accommodation.
What Do Good Tenants Want in a Rental?
On top of the list was location, with proximity to services such as shopping, medical facilities, schools and transport also a high priority. For a prospective investor yet to purchase their first property, this is excellent information that, should they act on it, will add considerable value to their investment.
Those who already own rental properties should not despair, however, because other influencing factors revealed in the survey can be easily incorporated into their existing properties. Here at Position One Property we were not surprised to see that car accommodation was up there with the other desirable attributes.
Tenants Want Their Cars Secured and Under Cover
Those of our tenants who commute to work via public transport still have a vehicle they use after hours or at weekends. This is a considerable investment for them, and they want to park it off the street, preferably under cover. If your rental property does not have car accommodation, a free standing car port will satisfy most tenants, especially when hail storms appear on the horizon.
The number of bedrooms in a rental was also high on the list of factors influencing renters’ choices. We find that extra bedrooms attract a wider range of renters, and such properties command higher rents. If your current property has a verandah or home office that can be converted into a bedroom, it will be easier to rent and give you a better return on investment.
Use Storage Space and Built-ins to Attract Good Tenants
Storage space was another factor influencing renters. Most people these days have a lot of possessions and they would rather find a property where they can have them at hand than pay to put them in storage. We recommend to our rental owners that they install cupboards wherever they are practical, and even place a small shed in the back yard for tools, mowers and other possession that don’t need to be in the house.
Renters also love properties with built-in wardrobes, as most of them don’t want the inconvenience of transporting their own when they move. Floor to ceiling wardrobes are the most efficient as they not only provide more storage space, but there are no spaces at the top to collect dust. Mirrored doors also reflect light, which makes the rooms look bigger and lighter. If the bedrooms in your rental property are dark and pokey, this is a perfect way to solve two problems with one outlay.
We work hard to attract good tenants for our owners so for them to meet us halfway by spending a little to upgrade their property is a good outcome for them and for Position One Property.