RENTAL DEMAND: CONVENIENCE IS STILL THE WINNER
What really separates rental properties in the minds of tenants, and what will they actually pay more for? As trends change, the answer to this question changes and as we continue to search for improvements in returns for our owners we’ve been asking tenants at opens about their likes, needs and wants. Here are some of the things (both old and new) that are on their shopping lists in 2020.
Air Conditioning always has been, and probably always will be, right at the top of the list! This year, the weather in some parts of the country has been extreme, making air conditioning even more attractive. While some experts concur that installing air conditioning may not increase your property’s sale value, it may allow you to command more rent; and coming into the cooler months there may be some reasonable deals to be had before it gets hot again.
With everyone’s lives getting busier by the second, a dishwasher is not surprisingly also on the most wanted list. Gas cooking is becoming more and more popular as well. The instant heat of gas cooking people see as convenient and a cost saving – and the rest you can probably blame the TV cooking shows for!
Balcony or outdoor space
As a nation, we like to entertain, and a garden or outdoor space was a top priority for some prospective renters. Some said they’d pay even more if a landlord included garden maintenance or lawn mowing. In units, even a small balcony area to “feel the fresh air” was more desirable than not having a small spot to step out on to.
The ‘little things’
Many of our tenants also said they really valued the little things that you would do if you lived in the home yourself. For example, good internet access, solar panels to save on electricity costs, as well as plenty of cupboard space and storage.
With more and more people working from home these days, the creation of some dedicated study or office space has lots of appeal. Everybody has a computer these days and nobody wants messy cables or computers in the bedroom or loungeroom! While you can’t necessarily ‘magic’ an extra bedroom ‘out of thin air’ the concept of a ‘study nook’ has been gaining some popularity!
Lastly – if you are thinking of increasing your property portfolio, the old adage is still true: “Location, location, location!” Some of the things a prospective tenant likes to be close to include public transport, schools, good shops, and good coffee. In our experience, renters will factor in the “cost of convenience” and are happier to pay if they’re where they want and need to be to suit their lifestyle!
If you have any questions, or need clarification on any of the above, please contact Anna Marten, our Senior Investment Property Manager, on 9651 1666 or firstname.lastname@example.org
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