7 Considerations on a Tenant’s Property Checklist
While it is still very much a landlord’s market, understanding the needs and desires of your potential tenants is crucial for successful property investment.
Everyone does need somewhere to live, but there are certain things a tenant will look for which will make a property more desirable than another.
Having been in the sector for nearly 50 years, we are on top of the ever-changing tenant preferences, which are often shaped by changing lifestyles, economic conditions, and technological advancements.
When you’re looking at whether a property is suitable as an investment, here are some considerations on the tenant’s checklist:
1. Location, location, location
The adage “location, location, location” holds true. Tenants are typically keen on properties that are conveniently situated near essential amenities such as:
- Public Transport: Access to reliable public transport, including trains and buses, is crucial, especially for those who commute to work or study.
- Schools and Universities: Families often look for rental properties near good schools, while students prefer locations close to universities or colleges.
- Shopping and Amenities: Proximity to grocery stores, shopping centres, cafes, restaurants, and recreational facilities enhances a property’s appeal.
- Safety and Community: Tenants generally prefer neighbourhoods with low crime rates and a sense of community, which contributes to their overall living experience.
2. Affordability and value for money
Rent prices are a significant consideration for tenants, particularly in a market where cost-of-living pressures are prevalent. As well as looking for properties that fit their budget, tenants will also look for the additional benefits that offer good value for their money. These include:
- Size and layout: The amount of space offered—number of bedrooms, bathrooms, and living areas—is paramount. Open-plan living is particularly desirable among many renters.
- Condition and maintenance: Well-maintained properties with modern fixtures and fittings attract tenants willing to pay a premium.
- Utility Costs: With a growing awareness of environmental issues, and energy prices continuing to rise, more tenants are seeking properties with sustainability features. These include energy-efficient appliances, proper insulation, smart thermostats, solar panels, and water-saving fixtures.
3. Desirable features and amenities
Tenants frequently seek:
- Outdoor space: Balconies, low-maintenance backyard gardens, or shared outdoor areas are highly sought after, especially in urban settings where outdoor space is limited.
- Parking availability: Where public transport is less accessible, off-street parking or garage spaces can be a significant selling point.
- Pets: Many tenants are pet owners, and properties that allow pets (with few restrictions) can attract a larger pool of potential renters.
4. Flexibility and Lease Terms
Some tenants value flexible lease arrangements. Common aspects they consider include:
- Lease Length: Shorter lease terms can be appealing for renters who may be relocating for work or study, while those looking for stability may prefer longer leases.
- Rental Increases: Understanding how frequently rent increases occur and by how much can impact a tenant’s decision to stay long-term.
5. Technology and connectivity
In today’s digital world, tenants increasingly like properties equipped with modern technology. Features include:
- High-Speed Internet: Fast internet connections are essential for remote workers and students.
- Smart Home Features: Tech-savvy tenants appreciate smart home systems that enhance convenience and security, such as smart thermostats, security cameras, and keyless entry systems.
6. Community and lifestyle
Tenants often seek properties that integrate well into the local community and offer a vibrant lifestyle, such as:
- Access to cultural amenities: Proximity to parks, art galleries, theatres, and community events can make a location more appealing.
- Bicycle and walking paths: Areas that promote an active lifestyle with options for walking, cycling, and outdoor activities are increasingly in demand.
7. Responsive management and maintenance
Tenants value responsive property management that offers fast and effective communication channels, timely responses to inquiries and regular maintenance.
And this is where we come in.
As well as saving you time and stress which can sometimes go with property management, with our award-winning manager, Kellie Andriessen at the helm, our team instantly adds value delivering excellent customer service for tenants, we have a team of quality tradespeople to call on for regular maintenance and emergency situations, and give you with hints, tips and professional advice.
Our team is always available to attend to requests when they come in, and with our regular inspections, we quickly pick up on any maintenance or repairs, and ensure they are completed cost effectively and in a timely manner; in doing so, we are keeping your property in the best condition it can be.
Plus, we know the law; this means your property will be adhering to the latest legislation, and communications with tenants will be appropriate to the situation.
Our rental return is kept in line with the current market, and we find quickly find new quality tenants to avoid a vacant property.
Our motto is very simple – we treat every property as if it’s one of our own.
Furthermore more, our online landlord’s portal gives you all the information, financial and otherwise at your fingertips, and any property management fees are usually considered tax deductible.
Get in touch with us now, and we’ll show you how our property management services can not only make your life easier, but also make your property more attractive to tenants.
Drop into the Cardiff office or give us a call on 02 4956 9777. Or send us an email at mail@newcastlepropertymanagement.com.au – we’ve helped many people realise their financial dreams through property and we’re keen to help you.
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