Survey Results Asking “What Do Tenants Want?”
Michael Yardney’s Property Update.com.au recently asked their audience “What do tenants want?”
This article summarises the answers given to this question.
Numerous tenants surveyed are looking to lock into a longer lease. Which is similar to a commercial lease. With three or five-year terms and set rental increments.
There is likewise a want to replace carpet with timber flooring (even in bedrooms). And to decrease the amount of outside upkeep required.
These respondents to the Renters Survey appeared willing to pay a slight premium (averaging 5%). For an easy maintenance rental home. They would pick such property over a rental property one, which could take longer to keep clean.
Location can have a big impact on your revenue as a Landlord. Many tenants look for a property that is close to their employment. They also consider proximity to grocery stores, restaurants, and community parks. As important factors when deciding on which property to rent.
It’s all about lifestyle, quality, and a great tenant is often willing to pay more. Or in many cases overlook less desirable aspects of the rental property if the property is in a great neighbourhood.
Safety goes hand-in-hand with the location. A safe environment is a powerful motivator for great tenants. If you’re worried that your car or home is going to be broken into, it can be hard to sleep at night.
Attention to detail; is a two-pronged folk.
On one prong we have tenants saying that the rental managers need to improve their degree of service. As well as to remember basic details about the tenant and the property they manage. Especially when it comes to the tenant when the Property Manager makes contact or undertake inspections.
In an ideal landlord-tenant relationship both parties should be courteous, cooperative, and respectful.
The second prong, quite a few respondents griped about the little stuff. Things like leaking taps, very worn carpet, poor painting, holes in fly screens (and walls!). Windows and doors that don’t open or shut properly and other such remedial repairs.
Tenants want to avoid the hassle of tiresome repairs. Oftentimes, this means they will look for a newer place to rent. One that is less likely to require repairs. If you already own a property that is older. It doesn’t mean that you are out of luck.
By properly maintaining your property, making the necessary repairs. As well as keeping it clean, you can still attract excellent tenants. It’s the little details that can make a house feel like a home.
And lastly, policy.
This was generally from people leasing apartments and townhouses. They grumble about the absence of policing, the body corporate rules and commotion. As well as waste and parking violations were the more common complaints given.
Knowing what tenant really wants. Can really help when attracting better tenants. Which can go hand in hand with getting a higher return on your investment.
Now is the time to take action and set yourself for the opportunities that will introduce themselves as the market moves on.
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, know the complete South Eastern Qld area well so can list any property in South East Qld.
For those who are looking to engage an experienced property manager so they can save time, money and headaches, contact the Realestate Property Management Professionals at Paul Hill Realty today!