Making your property attractive to tenants

Attracting Tenants is crucial if you want to get a return on your rental property investment.  If you don’t have an attractive property, you are unlikely to being able to charge rents at market rate or attract “desirable” Tenants. In the last 12 months Sydney rental prices have increased by 10% and the number of properties available for rent are at record lows.

A little money and care spent on preparing your property for rent can make all the difference.

So – what makes a Property attractive to Tenants?

Quite simply – pretty much the same things that will attract potential Buyers! 

Renters will typically be look for:

Properties that present well and are clean, well maintained, and safe.

Properties that are not going to require a substantial cost to maintain on top of rent

Close to amenities (Schools, Shops, Medical) and transport

Value for money

Good storage/Built-ins

Entertainment/Living spaces

Have your property maintained while it is vacant.  Curb appeal is very important.  If the Property looks dishevelled from the street, many Tenants will disregard and not bother with an inspection.  Go through the Property and fix up the small details – missing or broken light fixtures, scuffed or chipped walls and doors, torn fly-screens, etc. Neutral interiors are always more attractive and just as when you sell a property – bathrooms and kitchens can be the deciding factor.

If possible, make sure there is a dishwasher and good quality stove-top and oven.  Nowadays there is a growing trend for double door refrigerators.  Does your kitchen allow for this, or do you have a small alcove that limits the size of refrigerator? 

Think of the target demographic of people who are likely to rent your property.  What sort of things do you think they would consider as being beneficial?  Does your property have what it takes to attract these Tenants?

Spending a small amount of money to attract good Tenants at market rent makes more sense than having a vacant property for weeks or months on end.

If you would like our expert advice on maximising your rental return and improving the value of your investment please contact Elissa or Natalie in our office on 9948 2020 or email office@guildea.com.au

Kind Regards,
Jason Guildea