It’s no secret Perth’s rental market has favoured tenants rather than landlords over the past few years. With average vacancy rates sitting higher than usual, the pressure has been on for investors to ensure their rental properties remain tenanted. Now more than ever, investors need to remain in touch with their tenants’ requirements. So what are renters actually looking for in a rental property? And how can property managers assist in minimising those vacancy rates?
Tell me what you want
Aside from the obvious fixtures and features, it can be the additional ‘perks’ that draw tenants to a rental property in a high vacancy rental market. Here are five top features that could help your Perth rental stand out from the crowd in 2018:
- Pet-friendly rentals: Despite the fact over half the Australian population own a pet, pet-friendly rental properties can be hard to come by. And as you may know, pets are an important part of the family! With this in mind, adopting a pet-friendly policy could help you attract a wider pool of renters in Perth’s high vacancy market. Many tenants who own a pet will also be reluctant to move on from a property due to the stress of finding another rental that will accommodate their furry friends.
- Foxtel: In today’s digital age, modern renters are prioritising technology as a sought after feature in rental properties. For many tenants, this is becoming more of a necessity than a luxury. Having a cable connection that supports Foxtel and broadband is a must if you want to attract a younger generation of renters.
- Phone range: Along the same lines as above, today’s generation of tenants want to know they can stay connected to the rest of the world from their rental property. Adequate phone range and strong mobile signal could therefore be a make-or-break factor for your prospective tenants.
- Parking and storage space: If there’s one thing tenants look for in a rental property, it’s functionality. Is there adequate space to store my belongings (car included)? This is especially the case if tenants have already acquired furniture from a previous rental. If you haven’t already, try maximising storage space with cupboards, built-in wardrobes and (in the case of furnished properties) multi-functional furniture.
- Modern appliances: If you want your rental to stand out from other properties in the area, you may want to think about adding those ‘modern’ features. Appliances such as dishwashers and air conditioners may not only increase your rental returns, they could also be the convenient addition that gives your rental property an edge in today’s market.
Expert advice from your Perth property managers
At Rentwest, we know how stressful property management can be for owners, especially in high vacancy markets. As a professional property management agency, our team work in the Perth rental market every day, and can provide the expert insight you need into what tenants want from a rental property. Despite high average vacancy rates over the past few years, Rentwest has proudly helped our clients minimise vacancy periods and maintained a lower vacancy rate than the market average. Whether it’s finding a tenant, making improvements to your property, or overseeing the day-to-day management of your Perth rentals, our dedicated team of property managers can make sure your property remains competitive in today’ market.
For more information about our property management solutions, or to make an enquiry about a managed rental, contact the Rentwest team today on firstname.lastname@example.org or call us on 08 9314 9888.