As a property investor you want to find tenants quickly and get the maximum return you for your investment property. At Position One our team of property management experts has put together a list of what tenants look for in a rental property.
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Location
Recent studies by the Australian Bureau of Statistics (ABS) have found scientific evidence that Australians who live closer to amenities and their chosen profession are happier and live longer than those who live in remote areas and have to travel to access the basic necessities and travel to and from work. Research has found that where a person chooses to live can impact greatly upon their health and happiness.
This is what tenants look for in a rental property when it comes to location:
- Close to shops for last minute grocery pick-ups? There is nothing worse then realising you don’t have any milk for breaky and the local shop is 30 minutes away.
- Within walking distance or a short drive to good schools. This is particularly prevalent for investors who want to tract families. Quite often schools have catchment areas and parents will consider renting in a certain area purely so that their child can get a good education.
- Nearby to good restaurants and take away options. In today’s fast paced society this has become more important to young, time poor professionals.
- If you have one car, is there adequate public transport within walking distance?
- Located near key business hubs. Remember travel time is a big part of job and living satisfaction.
As an owner and investor, when starting your investment house hunt think of the long-term implications of your purchase.
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Air Conditioning
Let’s face it, if you live anywhere in Queensland you want air conditioning in Summer. This is extremely prevalent for shift workers seeking a rental property, with many trying to sleep during the day.
As an investor you don’t have to spend a fortune air conditioning your whole house if you can’t afford it. The master bedroom and main living area are key when it comes to what tenants look for in a rental property.
Queensland Summers aren’t getting any cooler and as such air conditioning is now one of the number one features that tenants look for in a rental property.
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Internet
Renters, especially young renters, love their internet and they love it to be fast. With so many different connectivity options available it is important to know what Internet access you have in your area. Do you have NBN, 4G, ADSL, or Broadband? If you would like to check there are several websites that will tell you what is available in your area such as: https://www.comparebroadband.com.au/get-check-internet-availability-in-my-area.htm
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Pets
When owning an investment property consider making it pet friendly. This will increase your appeal to tenants and broaden your applicant prospects. Allowing pets is in the top five things of what tenants look for in a rental property.
When considering allowing pets, remember you don’t have to allow all pets. You may put in your listing “small pets considered”, or “outdoor pets only”. You can also request references from the prospective tenant for their pets. Ask them for a reference from their current neighbour, if they have a dog. And check with their current property manager that there hasn’t been any damage done to the property.
A tenant with a pet is more likely to want a long-term lease, as rentals allowing pets can be hard to find.
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Clean and tidy
While this may seem like an obvious requirement, this one is worth emphasising. When it comes to what tenants look for in a rental property, one big aspect is tenants want a property that is well maintained. They want a property that feels like home and that doesn’t require maintenance and cleaning as soon as they move in. All properties should be professionally cleaned before they are listed for rent. This applies even if you are a current owner living in the property. You want to put your best foot forward from the start. Have carpets and windows professionally cleaned. In addition, even consider having the outside of the house washed, as this will create a good first impression.
As an investor you may also want to consider including yard maintenance in your weekly rent. There is nothing worse than owning an investment property and having it become the worst in the street. This is an added bonus that tenants seek when looking for a rental property.
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Modern bathroom and kitchen
Updating a bathroom and kitchen will not only add value to your property, but it will also increase its rental value and appeal. This doesn’t have to be an expensive exercise. It may only require a company coming in to spray your old bathtub and tiles or even your kitchen cabinets. Tenants also like the convenience of a dishwasher and good hot water. None of these additions have to be an expensive exercise. Position One are happy to point you in the right direction should you need a contractor.
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Security
High on everyone’s property list, not just renters, is security. Security for your family, your belongings and your cars.
As an investor your don’t have to install bars on every window or the latest and greatest security system. You just have to ensure that all windows close properly and securely and that all door close and lock. Dead bolts do make some renters feel more secure, along with fences and window locks.
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Outdoor space
Living in Queensland has many benefits and one of those is the ability to enjoy an all year-round outdoor lifestyle. This means that outdoor space is what tenants look for in a rental property. Creating a small courtyard or outdoor area doesn’t have to be a costly exercise. But the addition will add value to your property and increase your prospective tenant enquiries.
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Storage
Some tenants are moving from bigger properties and like to have the ability to store their excess furniture in their new property, while others enjoy the freedom of having space to store their possessions in a shed or set up a workshop in a garage. The more comfortable your tenant is the longer they will usually want to stay in your property. Carports are also important to tenants who want to keep their cars protected from the harsh Queensland sun and storms. Off street parking for tenants in inner city suburbs is a must and is greatly valued by tenants and their neighbours.
As an owner consider adding storage options for your tenants whether it be a garden shed, carport or even a linen cupboard in the laundry. Every little bit helps.
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Experienced Property Manager
This may not seem like an obvious one, but tenants want to know that if they have an emergency, a maintenance request or they just need information that they can contact their Property Manager. This should be a hassle free and friendly experience. Sadly, renting isn’t always a positive experience for tenants. Position One Property aim to make Property Management as stress frees as possible for investors and tenants. We always provide a positive experience with our friendly team at the ready to help you and your tenant, should you need it. Don’t be afraid to give us a call or drop us an email should you have any questions or concerns.
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What tenants look for in a rental property
Position One Property are here to guide you, as an owner and investor, on the best way to secure good, long term tenants. Our experienced team of Property Managers offer an obligation free rental appraisal. We are more than happy to provide advice on improvements you can make to achieve maximum rental return and let you know what tenants look for in a rental property.