High-speed internet connections, ensuites, dishwashers and energy-saving features are just some of the things which ‘new age tenants’ are expecting these days, according to Carolyn Parrella, Executive Manager of Terri Sheer Insurance.
“For investors, not offering these additional comforts could make a real difference to the amount of rental income they could potentially earn,” said Parrella.
She argues investors should consider a number of things to cater for new age tenants.
Add luxury conveniences
Even though investors are not expected to furnish properties, tenants with modern conveniences are more likely to be happier and stay longer, said Parrella.
Having the infrastructure to support high-speed wireless internet could be a key requirement for tenants who wish to work from home, study or have a growing family.
And even though an ensuite is not essential, she believes it is likely to win tenants over more than a property with one shared bathroom.
“Dishwashers may be a key consideration for busy professionals and families when looking for a rental property,” said Parrella.
“The installation of a security system will give tenants extra peace of mind that they are living in a safe and secure property.”
Prioritise green energy
People are increasingly looking for cheaper and greener ways to use electricity and save water, said Parrella. In particular, rental properties with solar power are becoming highly sought-after.
“Likewise, the installation of rain water tanks is an environmentally friendly way to save money on water costs,” said Parrella.
Having a clean, low maintenance and well-cared for property sets the standard for tenants to keep it in good condition.
“Landlords or property managers may wish to consider hiring a gardener to help maintain the upkeep of the property,” said Parrella.
"While there is obviously an additional cost involved in hiring professionals to help, landlords may be surprised how much a tenant will appreciate the added comfort of knowing the property and backyard are well looked after, with little of their own effort."
Think about theft and damage
Theft and damage can be costly for landlords if they don’t have necessary insurance.
“Even the best tenants can accidently damage the property or suffer financial hardship,” Parrella said.
“A specifically designed landlord insurance policy will help avoid being left out of the pocket should these unforseen events occur.”
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