Pointers for making investment properties attractive to tenants

Pointers for making investment properties attractive to tenants
Pointers for making investment properties attractive to tenants

In some suburbs houses may be in demand, while units may be popular in other areas.

It is a good idea to speak to local property manager before you invest; they can tell you what type of property tenants are looking for.

It is also important to be aware of the features that tenants want.

A recent report by social researchers McCrindle looked at the attitudes, behaviours and technology trends of Australian tenants.

The Renter of the Future report said three out of ten renters are ‘choice renters’ who like the lifestyle renting offers.

When asked what they liked about renting, 38 per cent of respondents liked the ability to change locations easily, 24 per cent said it was easier to upsize or downsize as needed.

The flexibility to travel for extended periods of time was also a positive factor for 18 percent of those surveyed.

When it came to a property’s features the report said having allocated parking spaces was important to 38 per cent of respondents.

32 per cent liked the ability to have pets.

Technology was also important, with tenants wanting access to cable internet (31 per cent) and a strong mobile signal (25 per cent).

With most households having a range of electronic devices from televisions and gaming stations to mobile phones and tablets, the number of power points in a room was considered important by 22 per cent of those surveyed.

Leigh-Michel Hobbs, director of Realmark West Executive Management, said technology was important for the executive market, with tenants looking for homes with smart-wiring.

Pet-friendly homes were also in demand.

“Tenants with families are looking for a minimum of four bedrooms, two bathrooms and entertaining areas,” she said.

“Couples are looking for two-bedroom apartments.”

Ms Hobbs said homes close to private schools, within walking distance of the beach, with pools, and close to restaurants and shops were popular.

Homes with reverse-cycle airconditioning and solar hot water heating were preferred by Realmark West tenants.

Siobhan Payne, business development manager at The Property Exchange agreed.

“I have strong demand for properties with airconditioning and dishwashers,” she said.

“Homes with three or four bedrooms, two living areas and some garden were in demand.

“Tenants are looking for homes that are child friendly – with some garden or a playroom or second living room – and pet friendly.”

Ms Payne said providing garden maintenance was a positive leasing incentive. n