Ever looked at successful property investors who may own two or more apartments and wonder how they can do it? Great planning and a sensible 10 to 15 year property investment plan always helps, but it is also a huge advantage to have great long term tenants. So how do landlords attract high value renters to their properties? What are the features that will make people queue up to get into an open inspection?
Brand New Apartments
Ask anyone renting whether they’d prefer an older established apartment in a suburb or a brand new sparkling property with all the latest features close to the city and they’ll probably choose the latter. Surveys of Generation Y or Millennials have found that they overwhelmingly prefer the open plan, flexible layouts of brand new properties, especially if they have good storage space and generous outdoor entertaining areas (for example, balconies or the ever popular rooftop terraces).
New properties also tend to be jammed packed full of technological features such as high speed internet, and their location near a city centre will increase the chances of good mobile phone signals, two features that renters have been found to prefer when they are looking for a new property. Details such as the number of power points in each room in the property also feature on renters’ wish lists. A new survey by Optus and social researchers McCrindle called Renter Of The Future, found that 30% of those surveyed were “choice renters” – that is, they preferred to rent as a lifestyle choice rather than own the home they reside in – and they were choosing apartments with these technological features over older established properties.
Finding an apartment with suitable storage space can often be difficult, although many new brand new developments have solved the issue, with cleverly designed under stair spaces, storage cages and lockup garages. Obviously parking is also a much sort after feature in apartments, although there is a trend away from brand new developments offering parking as a standard option, especially if the building is location in or near a city centre or near a transport hub such as a train station. The key with storage is that it is appropriate for the size of the apartment, including the number of bedrooms.
Pet or no pet?
Finally, those with a property investment will be faced with the choice of allowing pets on the property or restricting them. With pet ownership at an all time high, and when many developments are encouraging owners to allow pets, it may be something you should consider. In the Renter Of The Future, 32% of tenants said that finding a pet friendly property was important to them – this is a large portion of potential renters who may not bother to turn up to your property inspection if you decide to restrict pets.