Here are 5 Reasons the Locations can affect a Tenants Choice
If there’s one thing both tenants and property investors share for all intents and purposes. It’s the reason they picked their that rental property. The chosen location will benefit both parties differently. However, the reasons for that choice are still essentially the same.
So for what reason do tenants decide to rent in a specific location?
Indeed, in contrast to a property investor, tenants have no interest in financial return on the property, so their motivations to rent in an ideal location point to their lifestyle preferences rather than any financial gain.
In spite of the fact that it’s their lifestyle preferences that ultimately make market hotspots for rental properties. So, these are the five common reasons why tenants are choosing to rent in specific locations over others.
1. Strong Employment Growth
Money drives the world. So people will consistently go where the job positions are. Consequently, locations with diverse and long-term employment will see a higher grouping of inhabitants. Rental properties are popular among people who’ve recently moved for work and trying to become established in a new area.
Some communities, such as mining towns, will experience a boom in the property market, nonetheless, when the employment base decreases, so too will the property market. Subsequently, individuals will for the most part look to live in areas where there are a lot of job openings for work and stable employment growth.
2. Established Infrastructure and Facilities
There is reason large regional towns and cites attract crowds, and it’s not just the jobs available. Since civilisation first emerged, people have gathered in the central hubs of society. Why you might ask!
It’s because living in close proximity to established infrastructure and facilities helps us to build our social, cultural, and economical systems, and offers convenience in our everyday lives.
Facilities that offer significant advantages are schools, day-care centres, doctors, hospitals, banks, shopping centres and government support services. Consequently, reasonably priced rental properties that are within close range of any of those facilities listed above are always in high demand from tenants.
3. Close Access to Transport
Tenants often have to consider their proximity and accessibility to highways, entry and exit routes and public transport. The most desirable rental properties are those that are near to train stations, bus stops, and even airports (although not too close because of the noise factor).
Communities that are isolated from central locations are regularly less alluring because of the time and the cost needed to make a trip to and from major locations.
4. Flourishing Community
It’s not simply the structures and places that pull in people to certain locations; it’s the communities of people that gather. Micro-economic facilities like parks, cafés, corner stores and takeaway shops are all keystones for a flourishing community.
It’s here, in well-established communities, where people like to live, mingle and raise their families.
Community venues like; RSL clubs, surf clubs, bowls clubs and other social activities mark a growing and engaged community. These are all significant aspects that tenants need to consider when they pick a rental property location.
5. Natural Surroundings
People are often naturally influenced by their surroundings, although it’s often a subconscious decision.
The natural surroundings of a location can be a contributing factor to where a person decides they want to live. It’s fairly normal for tenants to rent a property close to a body of water, overlooking a valley, or even can be determined by the climate, basically because that is where they happen to find enjoyment.
While natural surroundings won’t probably make up for the heavier-weighted factors (the above four reasons), they can even now have a positive or negative effect on the property market.
There can be various reasons why people choose to rent a property in a specific location, and the reasons above are not the only ones. Nonetheless, ultimately, it usually comes down to the most economical solution that ticks the most relevant boxes for employment, family, and social commitments for the tenant.
For those who are looking to engage an experienced property manager so they can save time, money and headaches, contact us today!
Paul Hill Realty has built up a reputation of giving exceptional service as well as going above and beyond the normal expectations that a property investor can expect.
Paul Hill Realty are Specialists in Residential Property Management on the Northern Gold Coast from Southport to Ormeau and west to Wongawallan. However, knowing the rental market well throughout the complete South Eastern Qld area gives you the advantage to list your residential rental property with us.