What tenants really want in a rental property
Whether you are looking to invest in property for long term capital gain, or as a source of reliable rental income – or preferably both – you cannot afford to ignore the needs of your potential tenants. Your rental property’s ability to meet the most popular tenant rental criteria could impact on a range of income-generating factors including:
• How quickly your property is let
• Its weekly rental price
• Quality of tenant applications
• Long term capital value.
The Jellis Craig Boroondara Property Management team has been engaging with tenants for more than 25 years. If you are thinking of buying an investment property in Boroondara, here’s a list of what local tenants really want:
# 1 Parking
It may not be particularly environmentally friendly, but everyone in Melbourne drives a car – students, seniors, executives, and singles. Parking in Boroondara is at a premium, especially in streets closest to the main shopping hubs. Finding a property that offers off-street parking is akin to finding gold. Make this a number one priority.
# 2 Storage
We all collect stuff. And even if we don’t collect stuff, we still need plenty of storage for our basics. Contemporary, minimalist interiors, so popular at the moment, can only be achieved when gadgets and other unsightly items are easily stored. The more storage your investment property can provide, the better.
Australia has one of the highest pet ownership rates in the world! So it’s no wonder tenants prioritise properties that can accommodate their furry friends. When looking at to buy property in apartment blocks or boutique developments, be sure to check the body corporate position on pets within the block.
#4 Heating and cooling
Melbourne is known to serve up weather extremes in every season. Efficient, cost effective heating and cooling is always important to tenants. Gas or hydronic are the most popular forms of heating while refrigerated cooling compares more favourably to evaporative.
#5 Natural light
Calming, brightening natural light – nothing brings a smile more readily to a prospective tenant’s face during an inspection than walking into a light-filled house or apartment. Your investment property should have lots of it!
By keeping these five top tenant requirements in mind when searching for that next investment, you are well on your way to having a well-tenanted property that will grow in value over the long term.