What Do Renters Want?
Investing in and (and profiting from) rental property can be challenging. Between dealing with tenants and paying maintenance costs, it can be tricky to produce a good ROI.
After selecting the right rental property, the second most important part of investing is ensuring that potential tenants will come in droves. Making sure your property appeals to renters is key to minimising vacancy, which is crucial for producing a good ROI.
Here are a few things that renters young and old will appreciate. If you provide conveniences and allowances that are difficult to let go of (and difficult to come by), you’ll have a much easier time attracting and holding on to tenants.
There may have been a time when more space was simply better than less, but modern trends and studies suggest that people’s priorities have shifted. Now, renters prefer useful space. In one survey, it was shown that over half of people would rather live in a convenient neighbourhood than a large house.
Consider your property’s lifestyle and ease of access to local resources. Who is your target demographic? What’s important to them? What are their priorities?
In today’s world, it’s absolutely vital that your rental property provides high speed internet and/or Wi-Fi. Ensure that your property is up to date with the latest technology, and you’ll have no shortage of potential tenants lining up.
Convenience is critical to keeping tenants, because moving away from your property would mean giving that convenience up. Accommodate for online rental payments and modernise your payment systems – your tenants will thank you for it.
It’s difficult to find a property that allows for pets these days. If your property has a smart pet policy, you might find yourself with more loyal tenants. You may even be able to charge a higher security deposit (and rightly so).
People are loyal to their pets, and rental properties that don’t allow them wind up missing out on a large portion of potential tenants. Don’t place yourself in that category.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of investing in rental property, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.