Do you know what your ideal tenants are looking for? Having the right set of amenities makes all the difference to your rental property’s value, meaning you have a much higher chance of attracting reliable tenants.
In this article, we outline the top 10 characteristics tenants want in a rental property based on our experience and online data. If you own an investment property, read on to find out what you can do to make it more appealing to your dream tenants.
1. Location
A convenient location provides easy access to essential amenities, such as shops, schools, and public transport. This offers a sense of connection and proximity to local facilities, as well as making daily life much easier for your tenants.
2. School zoning
A large portion of tenants are families who want a rental property within the catchment area of their preferred school. Parents tend to prioritise access to high-quality education for their children, as well as convenience for sporting and cultural events. Additionally, schools often serve as community hubs, offering social opportunities for families in the area.
3. Off-road parking
Off-street parking and garages provide a secure and convenient place for tenants to park their vehicles. This reduces the risk of theft and vandalism and saves tenants money, as they won’t have to pay for parking.
Additionally, private parking can reduce stress for tenants, as they won’t have to walk long distances to reach their cars.
4. Move-in ready condition
Tenants often prefer a move-in ready home because they provide a hassle-free and comfortable experience. When a property is clean, well-maintained, and has all the necessary fixtures in good working condition, they can move in quickly and easily.
A ready-to-rent property also demonstrates that you are a reliable landlord which gives tenants much-needed peace of mind. This can also help establish a positive relationship between the tenant and landlord, which benefits both parties.
5. High-speed internet
With the increasing reliance on technology for work, education, entertainment, and communication, tenants need reliable and fast internet access to meet their daily needs. Having high-speed internet in a rental property allows tenants to work from home, stream movies, and access online resources without interruption.
6. Storage
Tenants need adequate storage space to keep their belongings organised and make their living space more comfortable. Storage comes in many forms, including closets, cabinets, shelving units, and storage rooms.
Sufficient storage space can help tenants reduce clutter and create a more tidy and functional home. It can also increase the overall value of the property, as tenants may be willing to pay more for a property that offers enough storage.
7. Heating
As a core aspect of Healthy Homes requirements, having a reliable heating system is a huge draw factor for tenants. Not only does it provide a comfortable living environment, but it also reduces the risk of certain health issues, such as respiratory problems.
Furthermore, a good heating system can also improve the energy efficiency of the property, reducing your tenants’ regular energy bills. If you are looking for a simple and effective way to improve your rental property, consider installing a heat pump in the main living area.
8. Outdoor entertainment space
New Zealanders love spending time and hosting outdoors, so a functional outdoor space can dramatically increase your property’s value. A patio, balcony, or backyard provides tenants with a place to relax, socialise, and improve their quality of life.
Additionally, outdoor entertainment space can add value to the property, increasing the potential rental income and resale value.
9. Pet-friendly
Offering a pet-friendly rental property can attract a wider pool of tenants and increase the overall value of the property. It can also help to foster a positive relationship between you and your tenant, as it shows that you understand and accommodate their needs.Furthermore, pet-friendly properties may also attract long-term tenants, as pet owners may be less likely to move if they find a suitable and accommodating living environment for themselves and their pets.
To make your rental property pet-friendly, consider adding the following fixtures:
- Secure fencing around the property boundary
- A cat flap
- Wood or vinyl flooring that is easy to clean
10. Safety and security
Tenants want to ensure that their living environment is safe, secure, and free from potential hazards or risks. Furthermore, safe and secure properties tend to attract more responsible and long-term tenants who are willing to pay more for these features.This includes features such as:
- Smoke alarms
- Fire extinguishers
- Carbon monoxide detectors
- Security cameras
- Deadbolt locks
- Well-lit outdoor areas
Another incentive for tenants is when properties are managed by trusted property management companies. This provides assurance that the property is well-maintained and compliant with legal standards.
How to attract and retain reliable tenants
While you may not be able to deliver all of the above features to your tenants, it is worth recognising their needs and taking steps to meet them. This makes it easier to find and keep high-quality tenants for long periods, reducing stress and gaps between weekly payments. If you aren’t sure where to start, reach out to the McDonald Real Estate Property Management team today.
McDonald Real Estate Property Management
Looking for help with your rental property? Our friendly and experienced team is here to help. Contact us today with your questions or request a free appraisal to get the weekly rental value of your property. Alternatively, download our new Landlord Checklist, which covers everything you need to know to become rental-compliant, before, during, and after the lease.
We’ll provide you with a clear idea of where it sits on the local market and also advise which fixtures could increase your weekly rental income.
