What Tenants Really Want
Attracting and keeping the right tenants is the key to making the most of your investment property.
Here, we take a look at what tenants really want, and the things you should be focusing on when presenting your property in order to achieve the best rental yield and avoid unnecessary vacancies.
A pest-free environment
A survey of Australian renters by consumer advocacy group Choice found that the biggest complaint renters had was pests, such as cockroaches, moths and ants, with 27% of those surveyed having experienced pest problems. Dealing with any pest problems as they arise and getting preventative treatments done regularly to combat critters is a top move for a considerate landlord.
Number two on the Choice list was security complaints, with 24% of renters surveyed having had problems with doors and windows not closing properly and 18% having issues with locks not working. If your tenants don’t feel secure, they won’t want to call your property home for very long. In fact, landlords have an obligation under QLD regulations to ensure the rental property is “reasonably secure”.
Since 62% of households in Queensland own pets, being able to keep furry friends is a common request. The State Government is considering plans to overhaul renting laws so that property owners are required to allow pets. Many landlords decide to accept pets in order to broaden their pool of prospective tenants. Remember that you can always ask for a pet CV, conduct regular inspections, and subtract any damage caused by pets from the bond when your tenants vacate if need be.
While more new apartment buildings are offering apartments without parking spaces, it’s important to realise that in our experience renters want at least one off-street car space.
Given Queensland’s warm climate, it’s no surprise that outdoor spaces are in big demand, even if it’s simply a balcony off a unit’s living room and bedrooms. If your property has good outdoor areas or a garden, be sure to maximise their appeal by keeping them well-maintained. If it doesn’t have any outdoor space, do all you can to invite in a sense of light and space.
While it is a tenant’s responsibility to choose the supplier and pay for their use of the internet, it’s becoming such an essential service that the lack of infrastructure in a property to connect high-speed internet can become a deal-breaker for savvy tenants. In fact, the Australian Communication Consumer Action Network argue that internet access should be classified as an essential service so tenants are not unfairly disadvantaged when it comes to getting online. If you’re looking to buy a property, or if you can upgrade the available internet access, it’s something well worth considering and advertising.
With more renters living in units than houses there’s increasing demand for good storage space. Ideally, make sure all of the bedrooms have decent sized built-in wardrobes and that there’s a linen cupboard plus plenty of storage in the kitchen, including a pantry if possible.
While some of these additions may feel like large capital outlays if you need to upgrade your property in order to achieve them, they could make your investment much more marketable, thereby paying for themselves in the long-term.
Contact our team today to find out how we can help you manage your investment property.