Experts reveal what tenants want from a property in 2018
As a property investor, you may be feeling a little agitated right now. Because governments are making their intensions clear. They plan to give renters more power — longer leases… greater flexibility… pets!
Times are a changing.
So, as 2018 draws near and tenants make their demands known, the question on every property investor’s lips should be…
What, exactly, do tenants want?
We asked a few industry peeps to get their insights.
More convenience, more flexibility, more security
According to Andrew Blachut, founder of Australia’s oldest agent-assisted rental platform PropertyNow, “Tenants simply want more: more convenience, more flexibility, more security.
They want the availability of long-term leases, the right to keep a pet and the flexibility to make the home their own by applying subtle touches like hanging pictures”.
Blachut says that with more people renting than ever before (and for longer periods), tenants are increasingly looking for a property that feels their own.
“Landlords who go that extra mile in adding a personal touch to their investment property reap the rewards from cashed up long-term renters looking for something special,” he says.
Tenants are super busy people. “So much so,” says Blachut, “they’ll often pay a premium for extra services such as gardening, lawn maintenance and pool care.”
So while no doubt they will relish the opportunity to swim in your exquisitely mosaic-tiled pool, they probably won’t want to give up their precious time to clean it.
Our energy bills are right up there with the most expensive in the world. And Australians— including renters—are feeling the pinch.
Renee Whitehouse who heads up rentals at Charlton King Real Estate in Sandringham says, “Tenants are increasingly requesting properties with high energy efficiency like LED globes and water efficient shower heads because they’re so concerned with household bills going up”.
With Australia’s electricity and gas prices recently hiked by as much as $400 a year, it’s hardly surprising…
Blachut says that with the advent of new technologies tenants expect more convenience and faster turnaround to landlord enquiries.
“Gone are the days when tenants had to pick up a hard copy application form and hand deliver or fax it back to the agency. Tenants now expect to do everything online including scheduling inspections. They become frustrated with unresponsive property managers and delays in fixing maintenance issues.
It’s become so sophisticated that tenants expect tech-assisted rental management, which gives them access to their own portal where they can report maintenance issues at any time of day and have them actioned within a reasonable timeframe,” he says.
Blachut believes tech portals like these protect both the landlord and tenant because all communication including dates and details of disputes are automatically stored and easily accessible should a matter go to tribunal.
And if you think it’s ok to mistreat your tenants, you may want to rethink.
Because according to Blachut, “Tenants are increasingly taking a stand against landlords who don’t measure up by using online landlord review sites like dontrentme.com.au and raterentals.com.au”.
The golden oldies of property
Of course, the age-old rule of location, location is still a popular demand amongst renters.
“Properties close to transport, the CBD and local amenities still do well,” says Whitehouse. “Tenants also look for properties that present well with the comforts of modern-day living—heating and cooling, dishwasher, security.
Installing ducted heating and split systems is often worth it in the long run because these features attract slightly higher rents.”
And a fresh coat of paint goes a long way according to Whitehouse who says, “For a small cost, a new coat of paint can really freshen a place up.
One landlord came to us because his property had been sitting vacant for some time. We could see the place needed freshening up and after a new coat of paint had been applied, his property was leased after the first open inspection”.
Over to you – had any strange or unusual requests from a tenant? We’d love to hear about it.