One of the most important roles of a property manager is to ensure the condition…
Sometimes, the most rentable properties are not the ones that increase in value the fastest. So, if reliable rental income is more important to you than capital growth, it pays to consider what Australia’s prospective tenants are looking for.
According to real estate agents, properties with some or all of the following 10 features almost always attract a lot of attention:
1. Proximity to public transport
Using public transport is generally cheaper than owning a car, which is one reason why many Australian renters – particularly younger ones – look for properties close to transport links.
2. A car space
Of course, not all renters are alike. Some prefer to use cars for practical reasons, including the nature of their work; while others like to be able to choose between driving and catching public transport. If your rental property isn’t close to public transport, make sure tenants can park freely onsite or on the street.
3. Air conditioning and heating
Although many of Australia’s major cities endure sweltering summers and chilly winters, a great deal of our rental stock is not equipped with air conditioning or heating. While not all renters desire such features, those who do are often willing to pay a premium for them. If there is no central heating or reverse-cycle air conditioning in the property you are buying, it may be worth installing it.
4. Level access or an elevator
The elderly and people with physical disabilities are obvious candidates for rental properties that can be accessed without having to climb steps. But plenty of others look for these features, too, including families with small children. Some consider an elevator to be a premium or luxury feature and are willing to pay higher rent for one.
5. Outdoor space
Families with young children are drawn to properties with gardens, either private or shared, as long as the outdoor space is safe (e.g. not next to a busy road). And renters of all sorts consider balconies to be attractive, particularly if they offer views.
6. Pet friendliness
Not all renters want to keep pets, but even those who actively dislike animals are unlikely to avoid a building simply because it is pet friendly. On the other hand, animal lovers often check a property’s pet policies before anything else.
Renters love storage of all kinds. In the property itself, built-in wardrobes, generous pantries and roof spaces are all considered assets. Many renters also look for external storage, such as garages, sheds and lock-up cages. If you are buying an apartment with a car space, check to see whether tenants are permitted to use it for general storage.
8. Safety and security features
While security features are not top of every renter’s wish-list, they are very important to some, particularly those who rent studio apartments. If it’s a ground-floor dwelling, look for bars on the windows, and if it’s an apartment, make sure common areas can only be accessed with a key or code.
9. Included appliances
Beyond an oven, cooktop and access to a communal laundry, most Australian landlords are not required to provide appliances in their rental properties. But those that do can often charge higher rent and quickly recoup the purchase cost. In addition to air conditioning, consider an in-unit washer/dry and fridge that fits properly in the kitchen.
10. Access to schools
If you are looking at larger properties that may be suitable for families, consider not only the quality of the public schools in the area but also the proximity to private schools. Properties with good school access are more likely to attract long-term family tenants.
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The information contained in this article is intended to be of a general nature only. Terri Scheer does not accept any legal responsibility for any loss incurred as a result of reliance upon it. This article has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. The Target Market Determination is also available.