9 things quality tenants want in a rental property
Quality tenants are not always easy to come by. Because taste is so subjective, there is a small chance that every potential tenant will want to live in your rental property.
However, there are certain things that all tenants will be looking for. Here is a list of things you can do to help to attract quality tenants.
Location is one of the most important factors when tenants are seeking a home. So, this is where it pays to do your research before buying your next investment property.
It’s important to have the ideal tenant in mind when choosing a location. If your ideal tenant is a working professional individual or couple, then your optimal location would include proximity to a CBD and public transportation.
Whereas, if your ideal tenant is a young family, then a family-friendly location with ample schooling options in the school zone should be your priority when narrowing down the location of your property.
2. Adequate maintenance levels
Manageable maintenance levels of a property is a win for you, and often for your tenants.
While an immaculate garden with exotic but needy plants may look great, it’s not favorable for tenants without a green thumb. The same applies to the indoors, you want areas like the bathroom to be easy to maintain and clean and the floor covering option needs to withstand high levels of traffic.
The key takeaway here is to go with the option that’s going to make it easier for yourself and your tenants.
3. Security and privacy
When your tenant feels the rental is like home, they will treat it that way. This means they need to feel a level of privacy. Make sure to give plenty of notice before scheduled inspections and allow them to organize times with any required tradesperson.
Then comes security. Putting sturdy locks on doors with the option of an interior latch, lockable windows, and security screens will help your tenant feel more at home.
In regional and suburban areas, most properties offer parking in the form of a garage, carport, or driveway. However, in urban locations, a parking space will make a property more appealing.
5. Approachable property manager
Clear lines of communication and transparency are essential when it comes to getting and keeping quality tenants. This is where you need to count on your property manager.
Communication is key at the very beginning to ensure expectations with your tenant are met. Factors like repairs also need to be dealt with in a timely manner to keep your tenants happy.
Transparency around considerations such as rent increases and inspection requirements are also important for any tenant-owner relationship. When this is done correctly, reliable long-term leases are often obtained.
Ample storage space in a rental will make a tenant more comfortable, which can result in long-term leases.
This applies to both the indoor and outdoor areas. Providing an area outside the living space where possible, like a storage shed, can go a long way in terms of tenant appeal.
A big deterrent for rentals is when the owner is using part of the property, like the garage, for their own storage and making it unavailable to the tenant. It’s understandable given they own the property but it’s equally as important to allow the tenant to use the property like it’s their own.
7. Heating and cooling
Australian summers can be unforgiving, while winters in some areas can come as a body shock following the warmer months.
Ensuring your property has adequate temperature control is something that will draw tenants in. This means well-suited ventilation and investing in assets like air-conditioners and heaters to make it a more comfortable place to live.
8. Pets considered
Tenants seek leases where their entire family can live, pets included. Allowing pets, even upon application can easily attract quality tenants.
Many rental properties don’t allow pets. While this is understandable for apartments and properties with little or no yard space, allowing pets in appropriate properties will significantly raise applications and long-term leases.
While pet bonds are not lawful in all states, requesting pet resumes and pet references upon application can provide property owners and property managers with important information on the pet’s behavior.
9. Modern or upgraded
While houses don’t need to be brand new to attract tenants, having modern or upgraded areas can make all the difference.
Kitchens and bathrooms are generally the most popular rooms to renovate as their interior style trends tend to date quicker. Replacing the carpet or installing floor coverings will elevate the property’s appearance and ultimately increase rental applications. Other minor improvements like installing a dishwasher, ceiling fans, and caulk can also reduce electricity and water costs, making it more attractive for the tenant.
Tenant appeal isn’t the only benefit of new or upgraded properties. You will also benefit from heightened depreciation deductions.
New properties produce higher depreciation deductions compared to their second-hand counterparts. And any renovation you complete will unlock further depreciation deductions each financial year from the newly installed assets and improvements.
A tax depreciation schedule prepared by a specialist quantity surveyor is a must. This schedule will last the lifetime of the property and can be easily updated when improvements are made.
To learn more, contact BMT Tax Depreciation on 1300 728 726 or Request a Quote.