With property prices in Brisbane and on the Gold Coast set to continue their rise in 2016, there has never been a better time to enter the property market, or purchase an investment property. But with more investors entering the market, competition is increasing in attracting the perfect tenants. So what exactly are tenants looking for in 2016?
Brisbane is seeing a slew of new boutique apartment developments springing up at present, most of which are designed to appeal to property investors seeking young professionals as tenants.
Meanwhile on the Gold Coast, there has been a recent resurgence in tourism development, with several new towers reaching for the sky that are perfect to invest in for holiday rentals.
Our conveyancing solicitors found the article below that provides a bit of an insight into the mind of the tenant in 2016 and what they are looking for in the perfect property to call home.
Have a read of the article for more of an insight into purchasing the right investment property.
What do tenants really want in rental homes in 2016?
It is a question every landlord should ask. What features will have prospective tenants clambering to live in your investment property?
We ask a few industry folks to share their insights.
Hot feature #1 – Location, location
Daniel Cohen, Co-Founder of First Home Buyers Australia also spends a lot of his time helping first-time renters enter the property market.
Asked for his thoughts on the rental scene over the next 12 months, he says “call it the same old same old, but we believe it is all about the location”.
“We observe that Aussies are willing to pay substantially more money to live in their preferred location, which is usually built up hubs and cities with amenities (and) the most important amenity above all is transport,” Cohen says.
“We find that people think about where they need to live first. Property features and cost questions come into the equation after this, so the most important feature is closeness to work, given we spend most of our hours working hard in Australia. But as we can’t all afford to live where we work, Australian (tenants) pick locations with convenient transport.
“Rental properties near amenities, in particular transport, come up with a huge premium due to the strong demand for these properties.
“We’ve heard many times people say ‘we need to live in so & so’. They don’t need to. But they really, really want to.”
Hot feature #2 – Enough bedrooms
Cohen says enquiries to his business often reveal what rental home features are most important.
He says “quantity of bedrooms is never left blanked”. Landlords or prospective landlords will benefit from offering a rental home with the ideal number of bedrooms for their target rental market.
This means houses in family oriented areas should have three or more bedrooms.
Funky apartments in the inner city are more appealing if they have one or maybe two bedrooms.
“Simply put, renters know how many people need to sleep in the property and they need a property that caters to this need. Some people also like a study and/or spare room.”
Hot feature #3 – Include little extras
Tenants are super busy people. And while they may appreciate your home’s fancier garden and aquatic features, they may not want to give up their precious time and money to meticulously tend to your prize petunias or granite tiled plunge pool.
That’s why rental properties offering inclusions – lawn mowing, gardening, pool maintenance etc – will be hugely popular this year, suggests Amanda Bennetts from Bowman and Company Mornington.
“We cover a large range of tenants here on the Mornington Peninsula who pay from $250 to $1500 per week,” Bennetts says.
“Each level has its own set of expectations and demands, though all seem to be wanting full completed packages when it comes to rental properties and this includes gardening.”
Hot feature #4 – Connectivity, baby
NBN connection is particularly popular with first-time renters.
If you can offer it with your rental pad you can expect stronger rent, Cohen reports.
“As the rollout of the NBN continues, people will think about NBN connection we predict.
“In our technologically advanced world, we want fast internet for both working and entertainment at home.
Article written by Caroline James and originally published on realestate.com.au.