What Do Tenants Look For in a Rental Property? And why is it important that they are happy?
The world of property ownership might seem scary when you’re making a huge financial investment. While you’ll be excited, you may be unsure if it’s what tenants will snap up off the rental market. If you have decided to take the plunge and become a landlord – congratulations! If you’re seeking some sure-to-be perfect tenants, you will likely be wondering how quickly you’ll find them. Getting a perfect fit for your property requires choice of applicants. To make sure your property is appealing to as many applicants as possible is the goal. We’ve complied a checklist so you can ensure your property is what great tenants are looking for.
Why are good tenants important?
Before you start thinking of the types of tenants you want and what they are looking for, consider this. It is important to understand the value that good and happy tenants can bring. That might sound pretty simple. But tenancy is a two-way street. So it’s important you have considered the benefits to you as the property owner.
When you have tenants that are happy with their space and the services that are provided, they will want to keep that status. They are just as likely going to want to keep you, as their landlord, happy. When both the tenant and landlord are happy and comfortable with the arrangement, it’s a win-win. You are then more likely to have yourself a long-term tenant who loves and takes pride in the home. There’s nothing better than a sense of trust, when such a large investment is involved.
What do tenants look for in a rental property?
Location is one of the highest priorities for those who are looking to rent. So as a buyer and potential landlord, take note. Investing in properties that are close to amenities and facilities that the average person wants, can be a huge advantage when it comes to renting out the property. Things like grocery stores, schools, parks, restaurants, cafes and convenience stores can be an absolute deal breaker for a lot of renters. It is essential to do your research before you buy!
Also consider the types of applicants you’d like to attract. If you’re seeking young professionals, public transport and close proximity to cafes and restaurants are a must. If you’re looking to attract families, schools and parks might be more attractive.
Living in the ‘Sunshine State’ certainly has its benefits. One of these is the beautiful summer weather! Brisbane summer time is filled with sunshine and beautiful Summer breezes. This is like gold to tenants just like it is to you in your own home! It’s no surprise that renters these days are looking for properties with balconies or outdoor areas. This is so that they can feel the sun on their skin make the most of those beautiful summer days!
Property developers are aware of this trend. A lot of new apartments and townhouses are being built with entertaining balconies. So this probably won’t be particularly challenging to find a great place for sale, with access to outside or a nice flow of breeze throughout the home.
Not all apartments can have the window spot or access to a pool! Air-conditioning has become popular in newer buildings since so many renters are looking for it. The tenant will pay the power bill. So the installation of an air conditioner can make your property much more appealing. While you’re up for the initial investment, it is a comparatively small cost in the big scheme of things. Note that capital improvements can be included in a depreciation schedule for tax return purposes.
Since a lot of people rent for a long time before they consider buying a property themselves, it’s natural that they will accumulate a lot of stuff in that time! That’s why a lot of renters are seeking out places that allow them to store it all, and more. While apartments seem to be getting acceptingly smaller, storage space shouldn’t be sacrificed. Things like cupboard space, extra rooms, and study nooks can really make a difference to the practicality of the space. It also means the person renting can store their collected possessions neatly, without adding visible clutter to the home. Kitchen storage can be particularly desirable for some renters.
Safety and security
Sadly, even the safest neighbourhoods can see the occasional bout of crime. It’s generally nothing to be worried about. However it’s nice when tenants can relax knowing they, and their possessions, are safe inside the home. Investment properties are being built with a lot of security measures in place to anticipate the demand for security. When buying a property, look for things like secure parking, toggle access (security key for life access) that only the renter has use of, and secure windows. These can all make a difference to how the tenant feels in the rental property.
A good relationship with the landlord and real estate agent
Last but definitely not least, a good relationship between the landlord, real estate agent and the tenant is absolutely one of the top priorities for a renter. When there is a good relationship between this trio, there is likely to be a high level of trust and communication.
This means that if there is anything that needs to be fixed around the home, the tenant can comfortably reach out to the agent without letting ongoing damage occur. This calm and confident approach will lead to the landlord being more aware of the condition of the property. This is an absolute win-win for all parties!
At Position One Property, we pride ourselves on maintaining effective relationships with landlords and tenants. We believe that trust is important and we value communication. We like to keep an open line of communication between landlords and tenants and seek to make sure everyone in the situation is comfortable and happy!
If you want to become a landlord and take the next steps into buying an investment property, we can help make the process easy for you! With our 15 years of experience in the business, we know what tenants are looking for and believe that good communication and trust between all parties means that you can sit back knowing your home is taken care of. Call us today on 07 3483 4511 to chat to one of our friendly staff.