One of the big questions on the minds of anyone looking at property investment is how to attract good long term tenants. Happy renters will stay in one place longer, and while it can sometimes simply be a matter of luck finding the right people, professional investors understand that there are certain features you should look for in a property that potential tenants will keep an eye out for at open inspections. Let’s look at some of the killer features that will attract the right kind of tenants to your property.
New Apartments Still Popular Among Tenants
It is interesting to note that, despite the increase in new apartment buildings being built especially in Sydney, Melbourne and Brisbane, there has been no real downturn in the vacancy rates for apartments and definitely no downturn in the interest in brand new apartments among tenants. Property investors are aware that the demand is still outstripping supply, and apartments coming onto the market are being snapped up as quickly as they’re being advertised. This is hardly surprising, as new apartment developments tend to include all the “mod cons” and features that attract high value professionals – exactly the type of tenant most investors and real estate agents would be happy to have on their books.
So what should you be looking for in a new apartment when you do look at an off the plan development, talk to a property sales consultant or visit a display unit? The following is a list of the most desirable features that potential renters will have on their checklist when you come to advertise the property.
- High speed internet access: many brand new properties have access to the latest high speed internet connections – some even offer special deals to owners when they first buy the property. In recent surveys among tenants, having access to fast internet invariably makes it to the top of their wish list. It is a particularly important feature for professionals who work from home, or those who need to work after hours or on weekends.
- Media/study rooms: again this feature will appeal to professionals who need extra work space in their home. While more and more people are working on laptops and smart phones, there is still a need to have room for a desk and possibility shelving. Media rooms are particularly important in one bedroom apartments, where storage space may be limited.
- Entertaining space: while balconies and terraces off the living/dining room have always been an important feature in apartment developments, today’s high value tenants will also be looking for alternative entertaining spaces in an apartment complex. These can include rooftop gardens and bbq areas, communal movie theatres or facilities next to recreational areas such as pools and gyms.
Anyone looking at property investment should think about the type of tenant they wish to attract, and the best type of property that will not only fulfil these specific requirements, but also help to retain its value over the long term.