With almost 30 years’ experience in real estate, I’ve come to realise that some property attributes – when present – seem to make rental properties more desirable to tenants which means that they rent faster.
Having operated as both a landlord and property manager, bought and managed properties in different cities, and gained experience with all types of properties and demographics, I’ve seen that investment properties with five key attributes are more attractive to tenants, making properties that have them, easier to rent…
- Peace and quiet,
- An abundance of natural light,
- Neutral décor,
- Quality kitchen and bathroom, and
- Plenty of storage
Tenants spot problems the moment they walk through the door
I started my affair with real estate in 1990. Since them I bought a mixture of houses, townhouses and apartments, across Sydney and Melbourne. I’m passionate about real estate, and since founding NextGen, and starting to mingle with tenants regularly, I now realise that some properties are always busier at opens and end up renting faster than properties that are almost identical, in the same suburb, of similar style and configuration.
And most of the time, it seems to come down to five common attributes which the tenants are drawn to, literally from the moment they walk through the door.
1. Tenants want peace and quiet
Noise is the biggest deterrent. No tenant ever wants to live in a noisy home and they will let us know immediately if they think the property is noisy!
Investment properties on quiet streets are always more desirable than those on main roads, as are properties at the back of apartment blocks when compared to those at the front.
2. Tenants get drawn to natural light
Tenants always comment on natural light – the more, the better, and north-facing properties that have some outlook to go with the natural light, are always more preferable. A bright property helps tenants feel like they’re living in a warm, positive home, rather than cooped up in a soulless box and will be drawn to it most of the time without even realising.
3. Tenants cannot object to a neutral décor
Whilst no one would comment on a property with a neutral décor, almost everyone does if a property has strong themed feature walls, like green, blue or red, or pink kitchens and bedrooms.
Properties that stick to white or off-white always have an advantage, especially if that décor is illuminated with a lot of natural light, simply because a natural décor does go with every style furniture and every tenant taste.
4. Tenants always look favourably if there is a quality kitchen and bathroom
The advantage that an attractive kitchen and bathroom bring to a property can never be underestimated. Kitchen and bathrooms are showpiece rooms of any property and the rooms both occupants and guests spend most of their time. This is the reason, why one of the most common advice property managers give to landlords of newly but older acquired properties, is – if possible – to consider replacing cupboard doors with newer ones which is not that expensive but always makes a difference.
5. Tenants need storage
Lots of storage space – or actually the lack of – is often a major drawback. Missing out on tenants whose feedback is that the property doesn’t have adequate storage space, happens more regularly than landlords realise. This is especially the case with a lot of the newer apartments which often have insufficient storage space. Storage cages in the basement help, but those are no substitute for easily accessible deep cupboards in the actual properties.
Tenants want to live in comfortable homes like everyone else
None of the above mentioned attributes should be a surprise to anyone. After all tenants are looking for the same attributes as an owner-occupier would…. They are looking for homes that
- are peaceful,
- are bright and have natural light,
- a neutral décor over those that would appeal to a particular taste,
- with quality kitchens and bathrooms to enjoy with their families and guests, and
- with plenty of storage to hide the clutter.
And because the perfect property doesn’t exist, the more of those attributes an investment property has, the more likely it is for a property to rent faster.
The good news is that most of the aforementioned problems can be fixed at a relatively low cost. Improvements to an investment property may be seen as an unnecessary evil but as investors we shouldn’t forget that relatively cost efficient targeted upgrades,
- are tax-deductible,
- can help find tenants faster, and
- they will in most cases allow you to attract higher rents,
all of which contribute to the bottom line.
Who we are:
NextGen Property Mgmt (www.nextgenpm.com.au) is a boutique Real Estate licensed agency that specialises in property management. NextGen Property Mgmt does NOT has a sales team unlike most other agencies that specialise in Sales and have Property Management as a side business.
Our area of focus is residential property and we operate in Inner and South West Sydney, as well as St George.
NextGen was created from its infancy to cater for investors as it was founded by investors who quickly realised that in a highly regulated industry like Real Estate – competence, expertise, care and service by property managers varies greatly.
As an investor, you need to have trust for and feel valued by your property manager. You need to know that your property is being looked after with minimal disruption and you are getting maximum return for your investment. At NextGen we understand that because we are investors living busy lives ourselves, so our promise to you is that you will no longer have to worry about your most valued asset because we will make sure to take care of it as if it is our own.