In a tenants market, its important that your property stands out from the crowd. One way to do that is by appealing to as many tenants as possible. This widens the tenant pool and that helps maximise your rental yield.
Not sure where to start? No problem. Here is our top ten list of things tenants want in a rental property.
- Pet-friendly property
One of the most popular requests we get from prospective tenants is about pets in rental properties. Want to increase your pool of potential tenants without having to lift a finger? Allow pets in your property. If youre wary, perhaps allow a small pet to start with and remember that the pet bond will cover any additional cleaning or repairs when the tenants lease is up.
- Fresh paint
Never underestimate the power of a fresh paint job. Not only will it breathe new life into your property, it also aids in creating the blank slate that is needed for tenants to connect with your property. Stick to neutral colours to get the maximum effect.
- Fresh carpet
Another way of brightening up your home is by replacing worn carpet. Carpets reflect a huge amount of wear and tear over the years.
A Dishwasher is one of those new age appliances that tenants are wanting to make their lives easier. A dishwasher, in a tenants market, could be the decider for the tenant to apply for the property. This is one convenience that a lot of tenants expect in their home.
- Air conditioner
Perth summers are brutal. Spending long, hot days and sweltering sweaty nights without an air conditioner isnt appealing. Installing convenience appliances means that you could increase the asking rent. If budget is a factor, consider installing an air conditioner just in the main living area.
- Easy-care gardens
Life seems busier now, tenants are looking for easy care options. In our world of water restrictions it is difficult to keep gardens, and lawns especially, thriving without undertaking a lot of work. If you have a manicured garden, consider organising for monthly maintenance included in the price of rent. If youre thinking about landscaping your garden, consider using native, water-wise plants.
A secure home is a must. All rental properties in Western Australia must comply with the Minimum Security Standards that came into effect in July this year. While these standards are a great start, you might consider installing motion sensor lights, side and back floodlights, an alarm system and even a small personal safe. Extra security can be a big point of difference.
- Inside features that are easy to keep clean
Like most people, tenants want to enjoy life, which means they dont want to spend their time cleaning. Consider a mixture of soft and hard flooring throughout (an all-tile/vinyl flooring home isnt appealing to a lot of tenants) as well as easy-clean surfaces that will withstand some wear and tear.
- Plenty of storage space
Storage is a big issue for potential tenants, especially in the kitchen and bedrooms. Maximise the existing storage space or consider installing built-in wardrobes or extra cupboards inside. Adding a shed outside is another good idea.
- Energy efficiency
Energy and water efficiency are of concern to tenants due to the rising cost of utility bills. Consider installing a water-efficient showerhead, a water-efficient dual flush toilet and insulation in ceilings and walls, switch to energy-efficient LED light bulbs and install blackout curtains in bedrooms. If youre really keen looking a solar systems is also an option.
Want to know more about these tips, contact the team at Rentwest.
Do you have other suggestions that didnt make our list? Leave a comment or let us know on Facebook.