What tenants really want… and will pay more rent to have!
We’ve just conducted a survey of tenants living in Brisbane’s inner city, asking them to tell us how they chose their rental home. We received 485 responses so this is likely to be one of the largest surveys of this type ever carried out in Brisbane, and it gives landlords a better insight into buying and improving their investment properties.
The most important items in a rental home:
Tenants were asked to rate 21 features of a rental home. They were reminded that each would 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. They were asked to rate them as “essential”, “good to have” or “not important” and the weighted results are shown in the graph at our website.
Parking. Where you’d expect modern creature comforts to top their wish list, inner-Brisbane’s tenants are most concerned for their cars! Room for at least one car to park off-street has always ranked highly in our surveys and reflects the lack of street parking across the city. Interestingly in our 2011 survey parking was rated 4th most important, so this preference is on the increase as our city evolves. Storage space ranked 3rd on this year’s survey and the garage is often looked to for putting all the ‘stuff’ we cart around as tenants.
High speed internet. We added this to the 2013 survey for the first time as we’ve been fielding questions from tenants, many feeling the supply of a simple phone line (and ADSL) is no longer good enough. And the survey confirmed the demand, with cabling to enable high speed access ranking 4th. What can you do to warp-speed web connections at your rental property? If your neighbourhood has been cabled for fibre-optics (for example much of 4101 has) there may already be a solution. Savvy landlords should be exploring their options to make their rental homes stand out of the crowd.
What won’t tenants pay for? For the full report, including an insight into how tenants choose the location of their rental homes, visit our webpage