What are tenants looking for in a property?

What tenants look for

As the number of long-term tenants in Australia continues to rise, they are looking for all the amenities and lifestyle factors that make them feel just as at home as if it were their own property.

From technology to transport, there are several things renters are looking for from rental properties.

We’ve listed the top things of what tenants looking for in a property

#1. Technology

As all of our homes become more technologically enabled, tenants are appreciating additions that give them more connection. Think things like USB outlets, the latest appliances, smart thermostats, and built-in sound systems. These needs are higher amongst apartment renters who desire connectivity. They’re willing to pay the price too. A survey by Wakefield Research and Schlage found that nine in ten millennials are willing to pay more for a property with smart technology.

#2. Transport, transport, transport

It’s hardly surprising, but renters love to be close to lots of public transport options. If they have the choice between a property where they can walk 5 minutes to the bus or train versus having to drive and park, they pick the walkable option. This is a key consideration if you’re thinking of adding to your portfolio in 2018. Make sure your properties are close to transport hubs providing convenience and options for renters to get from point a to point b.

#3. Lifestyle

Again, renters are looking for lifestyle and convenience as more people opt for a long-term renting lifestyle. Being within walking distance to cafes, supermarkets, shops, restaurants, bars and other activities like the movies is a top priority for people who want to enjoy the lifestyle they’ve created for themselves. When you’re listing a property for rent or searching for an addition to your portfolio, make sure you’re considering the lifestyle factors your ideal tenant is looking for in a suburb.

#4. Price

Another aspect tenants look for is price. This is important as if the price is too high, this might deter potential long-term tenants. Another aspect is pricing your rental too low, this may attract unwanted tenants that will end up giving you more trouble than it’s worth. Also, something to note is that having a rental agency may give you more security when it comes to dealing with tenants.

#5. Something to keep in mind

Keeping a tenant’s needs in mind as you balance making a return from your properties this year will set you up with solid a foundation for success in your portfolio while ensuring you minimise vacancy and turnover rates.

For further information contact Tammy at Astute Realty

Astute Team

Do you want to attract quality tenants, ensure a smoother transition to tenanting your investment and minimise vacancy? Our – 6 Tips For Preparing Your Investment Property For Tenants – will help guide you!