What are renters looking for?
Attracting tenants to your property?
With the recent changes in the property markets around the nation, renting is becoming the housing option for many Australians. With more of the population now switching to renting as a result of climbing housing procures, lack of affordability is paving the way for future rental price increase and shortages.
So what makes renters pay more? What do they expect from you the landlord? How can you make your property more attractive to a prospective tenant?
The grudges tenants commonly have is property manager delays, things not being fixed, not being able to make changes to the property (such as putting up pictures), and inability to have pets.
Here are a number of key items considered by prospective tenants when choosing a rental home..
With it being summer right now this is at the top of the list. Installing air-conditioners, particularly reverse cycle can create the ability for landlords to charge more. Tenants generally preferring split and single unit AC’s over ducted units, which generally use more power and cannot be as easily controlled for desired use.
If a potential tenant already has a pet, they’re not going to choose your property over their dog. Searching through the rentals for a “family home” but they don’t allow pets makes it one of the biggest frustrations tenants have over searching for a property.
Most tenants look after their pets and therefore will look after your home, and they don’t mind paying a pet bond either.
3) Modern quality kitchen
Luxury and convenience in the kitchen is the top of property renovation lists with bathrooms a close second. Renovating these over other rooms such as bedrooms will increase your rental attractiveness. Adding new benchtops, a dishwasher and the like can also increase your asking rent.
Interestingly in WA in particular, “pool” is one of the most searched terms renters look for when searching for rental properties. Whether it’s a shared pool in an apartment complex or a well maintained pool for a house, having a pool is certainly a factor that will separate your property from others.
5) Low maintenance
a topic that worries both landlords and tenants, keeping property maintenance to low levels means less headaches for both. Repairing appliances and air conditioning before renting out a property as well as garden maintenance such as regular lawn mowing including in the rent is a great idea too.
Landlords want good tenants but tenants want a good landlord as well. Moving house for renters is very disruptive and expensive so if landlords ensure factors like the above to keep their tenant happy they are more likely to sign a longer lease and stay.
Achieving property investment success requires more than just purchasing property, finding a property manager or advertising for tenants. When selecting your next property try to look at it first through the eyes of a renter to assess whether you would rent and live there yourself.
Hey Ryan. Hows the property market in Newman going? Is it getting better?
The Newman market is beginning to show signs of improvement. Lease numbers are increasing as well as property sales in the town. The results are yet to make an impact on market pricing, however with the number of available properties continuing to fall, it seems the supply and demand factor may finally be turning for Newman.
Iron ore prospects over the next 4-6 years look bleak; around the $34 mark until around 2018. How do you see the Port Hedland market being affected?
While spot process have hit unprecedented lows, the major miners in the region seem focused on increasing their output levels and tonnage at this time. Investors and analysis alike are watching closely to see if the global price will remain weak into mid 2016 on the back of China’s continued slowdown. Port Hedland’s market is certainly not expected to experience a substantial turnaround inside of the next 12 months, however vacancy rates and properties on market in the town have been dropping in early 2016 indicating a pivotal shift in market factors experienced in 2015. There will be now boom times in 2016, but we may see a gradual increase in rental pricing as housing supply continues to fall.