What tenants really want and will pay more rent to have
Over the past couple of weeks we’ve surveyed tenants living in Brisbane’s inner city, asking them to rate the importance of 22 features of rental homes. Tenants were reminded that extra features in a home do cost them more in rent, so the survey responses are a collective ‘shopping list’ – the items they’d like to have as their budget affords. It gives landlords a better insight into buying and improving their investment properties.
The most important item in a rental home:
Outdoor living space. Even with a dose of cold weather during the survey tenants say they want an area to get outside. Balconies, decks and courtyards are a bit hard to retro-fit in your rental property but it’s food for thought when you’re buying your next one. And it follows that improvements you make to those outdoor areas, for example adding a roof over a deck or even some simple privacy screening, would be welcomed by your tenants.
Clean and modern:
You’d expect tenants to want a modern home and they do. Three of the top 7 features they seek relate to the condition of the home with “a modern home or one in great condition” scoring a close 2nd on their overall list. Tenants are prepared to put their hand in their pocket to have modern fittings. We regularly hear tenant feedback that rental homes need fresh paint, new carpets and other simple updates. As a landlord it can be hard to keep an eye on these things but they have a clear impact on your rental return.
And the features tenants won’t pay to have:
The wooden spoon goes to gymnasiums, closely followed by swimming pools. Those of you forking over big body corp fees to maintain these items might be feeling a little frustrated with this finding but it didn’t surprise us. We’ve been surveying tenants since the late 1990’s and both items consistently rate amongst the least important in a rental home. Buyers and re-sale interest in them might be another story.
If you’d like a copy of our full report for landlords just email firstname.lastname@example.org and we’ll forward it on. How tenants choose their rental home’s location and plenty more info is included. Keep in mind the surveyed tenants mostly live in apartments in suburbs within a 5 kilometer radius of the CBD so the findings should be read in that context.