As any investor knows, the success of your investment requires comprehensive knowledge of your market. Real estate is no different; it is an investment property, after all. Therefore, knowing your market means knowing what features tenants really want in a rental property. We’ve done the research and the results are in! In no particular order, here are the top eight features tenants really want in a home:
No surprises here. It’s common knowledge that location is a key factor in a property’s market appeal. Aussies are willing to pay substantially more to live in their desired areas, which is generally close to central hubs, and renters are no different. The other deciding factors tend to come afterwards, but overall, the location of the property rates highly to prospective tenants.
2. Enough bedrooms
Another high-demand feature is a house with ample bedrooms. But more doesn’t always equal better. Landlords should pay attention to their target rental market and make sure they’re offering the ideal number of bedrooms accordingly. For example, houses in suburban family areas will benefit from having three or more bedrooms. Conversely, inner-city apartments will generate more interest if the bedroom count is kept to a minimal one or two rooms.
3. Parking space
One of the top-ranking concerns for prospective tenants was finding a property with off-street private parking. Surveys show that tenants want this feature more than having an ensuite or even air-conditioning. It’s getting increasingly harder to find car parking on the streets, and since most tenants are still heavily reliant on their vehicle, properties with private parking are in high demand.
4. Public transport
Transport concerns appear to be a recurring theme in the features tenants really want. Even though many tenants rely on their private vehicle, there is still a large number who say living close to public transport is a must. Work locations may vary for people living on the premises, therefore public transport needs to be a realistic option.
5. Outdoor living space
It’s no secret that we Aussies love our entertainment areas. In fact, in the last 17 years, outdoor living space has consistently been a top three feature in what tenants really want. And in our beautiful Queensland climate, how can you argue with that?
In our largely digital society, one thing renters take seriously is a high-speed internet connection. With so many people working from home (and nothing to do with Netflix, of course), the need for connectivity has never been higher. As NBN continues to roll out across the country, a property that offers a reliable internet service will be highly sought after.
7. Modern or in good condition
At the end of the day, nobody wants to live in a dilapidated home with ancient fixtures and appliances. As such, surveys reveal that tenants do consider the condition of the home an important rental feature. As a landlord, it’s important that you maintain the condition of your investment property and ensure it is rental ready.
Do any of these results surprise you? How many of these features does your investment property offer to prospective tenants? Your property doesn’t have to be the biggest and best to be the most desirable rental on the block, you just have to know your market and understand exactly what tenants are looking for.
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