Are you thinking of renovating soon or just curious as to what tenants are looking for in this day and age?
We have compiled a list of the top 8 features that tenants are looking for. If your property has all or some of these 8, then you can expect better tenants, shorter vacancies and a higher rental return!
#1 – MODERN & CONVENIENT APPLIANCES
A property that has modern and convenient appliances will be more appealing to tenants then properties that don’t because in this day and age, we want luxury! Stainless Steel appliances look more modern and luxurious then white goods but only cost a fraction more.
Having a dishwasher, gas cooking, dryer and undercover clotheslines etc will provide the convenience factor to potential tenants.
#2 – SPLIT SYSTEM OR DUCTED AIR CONDITIONING AND CEILING FANS
Due to Townsville’s muggy, hot tropical weather, potential tenants are looking for places they can keep cool. Old box air conditioners are very unappealing because they cost a fortune to run. Split system and ducted air conditioning are preferable to potential tenants because they’re more cost effective to run and perform better.
Ceiling fans are also sought after as your tenant does not want to be running their air conditioner 24/7.
#3 – A FRESH COAT OF PAINT
Rental property home improvements should be at the top of your list. Paint the inside of your home first and the exterior if it needs freshening up. Painting the house will make it look far more appealing to any tenant and will attract better tenants who are looking for a neat and fresh home to live in long term.
Stick with neutral colours. While they may not be exciting, neutral colours have wider appeal. Tenants want to be able to bring their furniture into a property and have it ‘match’ and look as nice as possible. The easiest way to achieve this is with a neutral yet versatile colour palette that they can use as a base.
Good neutral colours for inside a property include beige, greys and slates.
#4 – A WELL MAINTAINED EXTERIOR
Many tenants won’t want to live in a home if it looks like a dump from the outside – even if it’s lovely inside. As a landlord, if you want to ensure your home is attractive to prospective tenants, you should maintain the way it looks from the street. It’s just the way it goes – the first thing prospective tenants will see is your home’s exterior, and if they like what they see, they will take a closer look.
To keep your investment property looking spick and span, you’ll want to pay attention to:
- Outdoor lighting
- Clean and clear gutters
- A neat and tidy front garden with curb appeal
- Anything outside that needs updating, such as old fences, letter boxes and other outdoor structures
If your rental property is in an apartment block or other strata managed building, these things may be beyond your control. In this case you can speak to the strata about the state of the building’s exterior.
#5 – A LOW MAINTENANCE PROPERTY
Tenants, just like the rest of us, are often time poor, so the responsibility of looking after front and back gardens can be a turnoff. If you have a small lawn in the backyard, think about replacing it with a deck or patio and look for native plants for the garden.
Mow the lawn and make sure it looks tidy when prospective tenants look at your home.
Plants native to the area are much easier to maintain and require less watering than other plants. They can be just as beautiful as exotic plants and try to find some that flower when you’re renting your property.
#6 – SAFETY AND SECURITY
Renters are looking for homes that are safe and secure. Some things you might want to add are a secure fence, a security front door and possibly security screens for the windows. These are important especially now with the rise in Townsville’s crime rate.
If the entry to your home or the building that your apartment is in is dimly lit, add lighting or speak to strata about brightening up the area. A well-lit entrance is highly desirable and works to ward off delinquents.
#7 – PARKING
A property with a dedicated spot for tenants to park their car will definitely have instant appeal – especially if your property is in a location where parking is scarce.
If your place doesn’t have a garage, car space or carport, be sure to check with your local council about whether your tenants have the right to apply for an on-street residential parking permit. This will allow them to park in nearby streets without being timed or fined.
Be sure that this is mentioned in the ad copy of the listing as well, this way tenants who have cars will be more inclined to apply.
#8 – UNDERCOVER OUTDOOR ENTERTAINING AREA
Queenslanders love outdoor living and especially so in Townsville where you can enjoy the outdoors all year round.
Having a dedicated and undercover outdoor entertaining space will make your property very desirable to potential tenants because they will be able envision themselves entertaining their friends and family.
You must make sure the area is undercover. Whilst rainfall hasn’t been as frequent as previous years, Townsville is still in the tropics and rainfall is expected all year round so an entertaining area without any cover from the weather, will most likely be rendered un-usable by potential tenants.
If you’re looking at renovating or upgrading your investment property, investing in these key areas will make your property more desirable to potential tenants so you can enjoy a humming investment with better tenants, shorter vacancies and higher rental returns.
If you liked our information and advice and want to know more or would like to talk to us about how we can help you get the best return on your investment possible, give us a call or send us a message! We’d love to hear from you.
Don’t forget! If you have a friend or family who may be interested, refer them through to us! If they become and an Excellent Owner, we will give you $200 cash!
Phone: (07) 4408 8062