As housing affordability rises in this competitive property market, renting is becoming a serious long-term choice for some Australians.
Most of us have been tenants at some stage in our lives and as landlords it can be easy to forget what life is like on the other side of the rental agreement.
As an investor have you ever asked the question “What do tenants want?”
By putting in a little effort you can find and keep the right tenants, making your life as a landlord happy and prosperous. The top five wish lists for tenants are:
5. Leasing flexibility
Air conditioning is generally on top of every renter’s wish list. Keeping cool is a premium that most renters are willing to pay slightly more for.
Although installing air-con won’t increase you home sale values, it is a very appealing attribute for renters especially with summer becoming more intense.
Like Investors, Renters –look for location. Renters are willing to pay top dollar to be close to amenities and infrastructure and to be where they want and need to be for their lifestyles.
Ensuring that gates, windows and doors properly lock will keep most renters happy. Also having security screens or flyscreens as a home comfort (like you would for your own home) is an additional bonus for tenants.
Property Maintenance is a hot topic for both landlords and renter. It can be a challenge for both parties dealing with property managers and agents.
It is important as an investor to maintain a good relationship with your property managers / agents and tenants to ensure maintenance and up-keep of your investment property is handled in a timely manner.
Some tenants are wanting to sign long-term leases (up to 5 years) to reduce the disruptiveness of having to mover too often, however, there is a trend showing some tenants who are willing to sign ultra-short term leases of 1 month.
It seems leasing flexibility will depend on what risk the investor is willing to take with each lease agreement, in consideration that some renters may be happy to pay for the flexibility.
Whilst the top five items have been highlighted, here are some other items that could be taken into consideration of what tenants want: built-in storage, wiring to allow cable internet and TV, solar panels, sheds, a garden or outdoor space and include garden maintenance or lawn mowing in the rental cost.