What do renters really want?

By
04/09/2015
Within the current competitive rental property market it is critical for owners to have core points of difference to build a competitive edge to other properties on the market and secure a tenant quickly. Attracting great tenants starts with marketing and advertising the property professionally – many professional real estate photographers are very reasonable (e.g $150 and you keep the images) with properties achieving more interest, hits on the internet, better first impressions and a quicker tenant in place. 

Vacancy periods are costly to owners - holding on for an extra $15 per week is a false economy, given you have essentially lost $400/week rent (as an example) compounding as each week slips by.  Accordingly, it is critical to ensure you are asking market rent for your property achieved through undertaking a comparative rental analysis.

Key attraction factors for tenants based on our research include:
  • Air conditioning – the top request for tenants in hot, humid Queensland
     
  • Fans in each bedroom as a minimum if there is no air conditioning
     
  • Location – tenants prefer properties located close to infrastructure such as shops, cafes, restaurants, bus/city cat services, parks, schools (although not across the road from schools or on main roads)
     
  • Pet friendly properties – this secures many long term tenants and with a comprehensive Pet Agreement there are seldom any issues
     
  • Light airy ambience, clean and tidy with storage space
     
  • Car park, carport and/or as a last resort access to street parking without incurring fines
     
  • A well maintained property – this relates to both owners (to budget for this) and property managers (to follow through on maintenance issues)
     
  • Modern bathroom and kitchen – tenants are well informed and no longer accept significantly dated properties i.e. circa 1970’s tired kitchens and bathrooms – owners can secure great modular kitchens and bathrooms at very reasonable prices
     
  • Security – to have the opportunity to secure longer leases – this relates most frequently to families with children
     
  • No discrimination based on age, gender, family type, ethnicity etc when putting in an application to rent your property – tenants are astute and can work out if discrimination is taking place overtly or covertly


Renee Chad is an active property investor and owner of Diligent Property Management.
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
 

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