Home
  • plan
  • Invest
  • Property
  • enquire now
  • Learn
Home
DPN
  • plan
  • Invest
  • Property
  • enquire now
  • Learn

Strategy

6 crucial things tenants look for in a rental property

As a landlord, how do you stay ahead of the game, to benefit your property investment? Meeting the expectations of quality tenants is the key to success.

TAGS

Strategy (151) / Property investor (165) / Getting started (130) / Beginner (579) / Landlord (6) / Tips (143) / For landlord (9) / Property management (15) / Property investor (100) / Cassie Nancarrow (7)

Property Management Leader

THE EXPERT

Cassie Nancarrow

As Property Management Leader, Cassie truly believes in putting the customer first. And with 20 years experience in real estate, she brings a depth of knowledge and industry expertise.

In a competitive rental market, quality tenants expect a lot from a property, and rightly so. In Australia’s busiest cities at least, they’re certainly paying for it. When you meet these six crucial elements, you’re in a fantastic position to attract, and keep, the quality tenants you need for a successful journey as a landlord.

1. A Location for Lifestyle

Whether it’s a studio apartment or a suburban family home, tenants generally have the freedom of choosing lifestyle locations - so the majority do. Easy access to transport hubs, schools, shopping centres and recreation is at the top of the list, with bonus points for ‘walkable’ suburbs. Savvy investors look to growth areas, where quality tenants naturally flock.

2. Fair Market Rental Price

While it’s important to set a rental price to benefit your investment, it won’t matter if you can’t find tenants who can afford to pay it. Even if you do, properties listed above fair market prices tend to have higher vacancy rates, which isn’t good news for long term investments. A simple Google search helps you check comparable properties within your location, however your property manager or financial services team can access specific data, to ensure you set the right price for you.


RELATED LINKS

  • 4 things you can do to increase your rent

3. A Well-Maintained Property with Perks

The problem with being a tenant is, you generally can’t make changes to a rental property. This is easily solved, by presenting tenants with a well-maintained, aesthetically pleasing property from the outset. Furthermore, when you offer perks you’ll stay a step ahead of the competition. These include good street appeal, garages or onsite parking, outdoor entertaining areas, an appropriate amount of bathrooms, storage options and neutral colour schemes.

4. Responsive Landlords and Property Managers


When landlords and property managers are diligent in looking after their concerns, quality tenants are much more likely to commit to long-term leases.


When the plumbing goes haywire, tenants expect, and are entitled to, an immediate response to have it repaired. Then, there are all the niggling issues, like door handles that keep falling off and misbehaving air conditioners. When landlords and property managers are diligent in looking after their concerns, quality tenants are much more likely to commit to long-term leases and even pay premium prices for them.

Free - No Obligation

Find properties in growth areas

5. Easy Upkeep

Although an investment property might be your prized possession, tenants aren’t likely to view it the same way. While good tenants will maintain your property responsibly, it’s unrealistic to expect a rose garden to flourish, for example. Keep landscaping basic or include gardening, pool or other regularly required maintenance services in the rental price.

6. Energy Efficiency

On top of paying rent, energy bills are a big expense for tenants. These days, most people search for energy efficient fixtures, such as LED lights, four or five star energy- rated air conditioning, draft-proofing and efficient window coverings.

As a landlord, providing tenants with what they expect upfront ensures you avoid common pitfalls and stay ahead of the game.

 


Follow us on Twitter for more news, tips and inspiration.
Like us on Facebook and Google+ explore our Pinterest boards.

Like this article or found it helpful? Share it!

Newsletter

Receive our articles directly to your inbox

Next article

Signing a lease for the first time? What you need to know as a tenant

Go to articles list

Programs

Work with us
Giving back
Become an affiliate
Refer a friend
Help desk
Property Management
Finance

Locations

Head office
Australia
Hong Kong
Singapore

Contacts

Toll free in Australia
P. 1300 723 318
Outside of Australia
P. +61 2 9525 2033

Social Media

Newsletter

Terms of use | Privacy policy | Guarantees

This information is provided by DPN Pty Ltd ABN: 94 630 700 186 Australian Credit Licence 514759. DPN Finance Pty Ltd is an authorised credit representative 504129 and related entity of DPN. Credit for Dream Big 100% Offset and Work Smart 100% Offset is provided by Adelaide Bank a division of Bendigo and Adelaide Bank Ltd, ABN 11 068 049 178 and Australian Credit Licence 237879. Casa Capace Operations Pty Ltd, NDIS provider number 4050038018 trading as Casa Capace.