Have you asked what your tenant really wants or are you just saying
“What they get is what they get, take it or leave it.”
Believe it or not, tenants are a lot smarter and have more choice than what we actually believe. More and more tenants are asking for warmer dryer houses, better living conditions, more space, extra parking and if they can get it they will potentially stay longer and pay more for it.
Barfoot and Thompson put out a survey to 1,000 tenants and found out a number of interesting facts that we too have been nodding our heads at for some time.
- 88% of tenants say the price is the number one factor when choosing a rental property
…Landlord tip: Price well according to the market and your property type to get good tenants
- 85% said the location was the second most important
…Landlord tip: Make sure you buy a rental property in the right location, employment, close to schools, transport, amenities
- 67% factored in the number of bedrooms
…Landlord tip: Good sized bedrooms are important as so are 3 bedroom properties, the most common
- 52% felt kitchen space was important
…Landlord tip: Take into account the kitchen design when renovating or looking at your next purchase
- 57% wanted additional car parking
…Landlord tip: Is it possible to add more parking on your property, paving or concreting an area
- 53% wanted extra storage space
…Landlord tip: Add a garage, shed, indoor space, can you put up shelving or extra cupboards
- 40% wanted outdoor space, fully fenced section and pets being allowed
…Landlord tip: A good fence not just for pets but parents feel safe that their young kids can play and not run out on the street
A very interesting fact is that 59% of tenants say that they want to buy their own home in the next two to five years. Whether that may be correct or not it’s always a good idea to think how I can improve the comfort of my rental property for my tenants so that they feel like it’s their home.
A safe, well-kept and looked after property is a place that a tenant and the tenants family would want to call it their own home for a long time.