5 Things Tenants Are Looking For In A Rental
When you look at building an investment property to add to your rental portfolio, you need to keep in mind that it’s not a ‘one size fits all’ market out there. For the best return on investment, where you build and what you build needs to meet market expectations. In this blog, we have a look at the top 5 things that three different types of tenants are looking for.
Let’s start with DINK’s (double income/no kids). These are tenants who work hard and want a home that affords them the lifestyle they desire. So, what are they looking for in a rental property?
- Location, location, location! Properties close to the CBD, restaurants and entertainment are generally more desirable
- Pet friendly. Opting to have ‘fur children’ is a lifestyle choice. Having finishes that are easy to keep clean as well as access to local walking trails or parks can be seen as an advantage
- Low maintenance. It’s all about work/life balance
- Lock & leave! With borders re-opening, those have been saving during the pandemic lockdown are keen to dust off their passports and go see the world. Having a property that they know will be safe and secure while they are away brings peace of mind
- Public transport. Being close to public transport options is a benefit when compared to the extravagant costs of inner-city parking or catching Ubers
Moving on to families …
- Again … location is key! Families are generally looking in areas close to schools, parks and shops.
- Child/Pet friendly. Families come in all shapes and sizes and often include the family pet. Having a backyard area for both children and pets is highly sought after
- On-Site Parking. Double garages are pretty much standard for most family homes but what about families with older teenagers. Having access to additional off or on street parking for teens and visitors is an attractive prospect
- Low maintenance. Running a household is a job in and of itself. Couple this with part or full time work and what little time there is left over is better spent relaxing
- Room for all. A home that has enough bedrooms and living areas is a must
And finally … Downsizers!
- Once again … location. Quieter areas close to public transport and amenities such as shops and health care providers are important considerations
- Pet Friendly. Companionship of a furry friend is good for the soul
- Accessibility. Easy access to, from and within the home makes for easier living
- Garden areas or space for hobbies. Keeping active is essential
- Room for family. Downsizing is about doing away with unused areas such as extra bedrooms. However, having space to entertain family and friends is still a priority