So you are thinking about buying an investment property, but you want to make sure you find one that will be easily rented. Based on the thousands of conversations we’ve had with prospective tenants over the years, here are some of the things that tenants most look for when they’re out inspecting rental properties.
We all know about this one. It helps to have a rental property that is close to public transport and major shopping centres. If your property has a few bedrooms and is more suited towards a family, it will also help if your rental property is nearby to schools and local parks.
Air Conditioning & Heating
This is a big one in Canberra. Air conditioning is generally a top priority for prospective tenants, but at this time of year it’s heating that is critical. Installing central heating and cooling systems will not generally increase the value of your investment property, but you do need to have adequate systems in place to make it attractive to tenants.
We’ve mentioned this before, in terms of doing things to rent your property faster. Being flexible when it comes to allowing pets can open up the range of prospective tenants. Generally when a Landlord allows a pet to be kept at the property, there will be additional conditions that the tenant agrees to meet. Some tenants even have rental references mentioning their pet, showing they’ve been responsible ‘pet owning tenants’ in the past.
Secure parking is always a benefit, particular in an apartment development. Tenants don’t want to be worried about the safety of their car, or where their visitors are going to park.
We’re not talking about a large patch of lawn or expansive gardens. Sometimes tenants just want a small courtyard or balcony where they can get some fresh air and enjoy a coffee on a lazy Sunday morning.
Tenants tend to focus a lot on kitchens, favouring rental properties that have modern kitchens, or at least have an updated feel to them. Dishwashers don’t go unappreciated either.
Security of the tenancy
It’s not just Landlords who want stability with their rental property tenancies. Tenants don’t like moving that often either, particularly those who have children in the local school.
We meet lots of tenants looking for a place to rent, simply because there last rental property is about to be sold, or the owner is moving back in. If you’re a property investor with the intention of renting a property long term, it can be very appealing for a prospective tenant.
Security of the property
You don’t have to go overboard on security, but not surprisingly tenants like to feel safe in their rental property. A home that has lockable windows and doors is the bare minimum.