Property Investment Tips: How to make a property more attractive to renters

By the resi financial blog team, 13 March 2015

Property Investment Tips: How to make a property more attractive to renters

The Australian property market is a competitive place. With prices rising and supply dwindling, more and more households are choosing to rent instead of buy. This can make investment a game of cat and mouse - you want to fill vacancies quickly and keep them filled, and this means attracting renters. So how do you make your rental property more appealing to prospective tenants?

There are any number of things that an individual might look for in a property, but it's sometimes best to cast the net wide. Here are a few general principles to help you nail down a lease. 

Immediate amenities

Like buyers, renters often look for one thing above all else - location. Your rental can have all the mod cons and a stylish interior, but if it's in close proximity to schools, public transport, shops, parks and even restaurants and cafes - that's half the battle.

The location also has a big impact on your target audience as well, so this is something to think about at the beginning of your investment journey - while properties that are in a good location are more expensive to purchase, renters will generally be more willing to pay top dollar if the amenities meet their requirements.

It's not always possible to find the perfect property in the ideal location, but if your renters need to go a bit further to work or school, think about parking.Covered, offstreet parking can be an attractive feature, particularly if tenants need to use their cars more often. 

Storage solutions

Of course, all tenants have different needs and preferences, but whether you have a suburban villa or an inner-city townhouse, renters are usually on the look out for ample space to store their possessions. Large, built-in wardrobes, a garage, attic space and cupboards are all valuable features.

Tenants can be turned off by having to organise their own solutions. Consider some minor renovations - prefabricated cupboards and cabinets are inexpensive, but you might also want to select something more custom made. Like with any decision, have a think about what you're willing to spend and how it compares to your long term goals. 

Pampered pooch

Offering a property that's pet-friendly can actually give a slight edge over the competition. According to the Animal Health Alliance, 63 per cent of Australians owned a pet in 2013 - that's 25 million animals in need of a good home. Despite this huge number, there are not many landlords who allow their tenants to have a dog or a cat in the property.

If you want to broaden your property's appeal, consider making your rental pet-friendly. Be aware that domestic animals bring a certain level of risk - namely damage. If you do want to include pets in the rental agreement, it might be a good idea to seek landlords insurance just in case - but check policies that cover pet damage. 

Whether you're doing up an investment property to rent out, or are looking to purchase, a resi loan specialist can help you find some useful home loan choices to fit your financial situation.

Categories: Property Investment