Top 5 features tenants look for in a rental property
When putting your property into the rental pool, you want to ensure you are putting forward. You want to tick as many boxes in your potential renter’s wish lists. The more features and benefits your property provides, the greater the number of applicants. And the higher the rental income you can yield.
There are influencing factors which are out of your control. These include transport, schooling, shops and facilities. Although, these would have come into play in your initial purchase of your investment property.
So what do rental applicants want?
For apartment owners, a 2015 survey of more than 1000 Sydney apartment owners and renters commissioned by developer lobby group Urban Taskforce found that investors are paying tens of thousands for features that aren’t on the priority lists of renters. 60% of respondents rated a balcony the key ‘must-have’ facility. It rated above parking, views and a swimming pool. 81% of respondents placing secure parking at the top of their list. (www.domain.com.au)
So let’s sweep these factors aside for now. Let’s look at the top 5 items you can look at including now or in the future to help achieve the greatest return on your investment.
A GOOD SIZE AND QUALITY KITCHEN.
The kitchen is the hub of every family home, so having a well-appointed kitchen that makes the best use of space will appeal far and wide. Installing modern appliances such as dishwashers and microwaves will add that little bit extra to a potential tenant.
AIR CONDITIONING AND HEATING.
Whether you are in the blistering heat of Queensland or the chilly winters of Melbourne, having a good heating and air conditioning will add a big tick to your property.
Having a double garage is the ultimate garage solution for renters especially for families. If you don’t have the double garage, having a single garage with well-functioning and well-organised storage options will greatly help. There are many storage solutions to be found at major stores like Bunnings and Ikea to maximise storage options.
GOOD OUTDOOR ENTERTAINING AREAS.
We are Australian and that means we spend a lot of time outdoors – living and entertaining. Having adequate outdoor spaces that are user-friendly and allows renters to see themselves enjoying the space with friends and family.
To a tenant, having adequate storage is a must-have on their rental property checklist. Adequate cupboard space throughout the property including wardrobes, linen cupboards, kitchen storage and any additional areas are definitely taken into consideration when choosing a rental property. If you are limited with your storage capacity on your property – get creative and think outside the box of areas you could utilise or transform into usable space. Head to Ikea for lots of storage inspiration and products to get you started.
Thinking about the needs of your potential tenants will assist you in achieving your desired rental income and a greater likelihood of securing long-term tenants.