What are renters looking for?

Perhaps you’re one of the many people thinking of investing it into rental property. According to the ‘Renter of the Future’ report by McCrindle, a third of all Aussies rent. By having your own investment property, you’re tapping into this huge potential market that continues to grow.

Furthermore, findings from the research organisation discovered that in Sydney, one of the greatest challenges people faced was the lack of affordable housing. This means that more people could very well turn to rental properties for a roof over their heads instead of purchasing their own.

However, CoreLogic RP Data reveals that there has been slow rental rate growth across the country, thanks to an oversupply of this kind of real estate.

This means that while buying property is still considered one of the best ways to invest, it’s not without a degree of challenge.

The Renter of the Future report thoroughly explores trends and behaviour among renters. By taking this on board, you might be able to better discern what it is tenants want in a new home, and tip the odds in your favour.

Parking spaces

Having their own parking lot was the most commonly cited lifestyle feature that renters sought in a home. Figures from McCrindle show that 38 per cent of respondents mentioned this to be a priority. However, keep in mind that this could vary depending on the location of the property.

For instance, people living in an apartment within the inner city might find this to be less important if they can walk or use public transportation to easily access wherever it is they need to go. Similarly, homes that are near universities will draw students, who will find little use for a car since everything they need is more or less at their front door.

But wherever it is you buy a property, don’t be surprised when you find people wanting the flexibility of being able to go wherever they please without being bound to the limitations of public transportation or their own two feet.

Pet-friendliness

For many pet-owners, their feline and canine companions are an essential part of the family. This means that a large number of them won’t be happy with parting with them when moving into a new home. In fact, McCrindle’s report reveals that 32 per cent of respondents said being allowed to have pets on the property is a feature they look for.

While allowing tenants to have their animal companions on the property is one thing, you could go one step further and seek out houses that have ample backyard space – something that any dog or cat owner will immediately be drawn to.

Cable internet

In the 21st century, it seems that the importance of a strong, stable internet connection is ever growing. Figures from the Australian Bureau of Statistics show that by the end of June 2015, there were roughly 12.8 million people with internet subscriptions. Of these connections, 99 per cent were broadband. It’s no surprise then when McCrindle’s figures show that 31 per cent of renters look for homes that have cable internet.

These are just a few lifestyle features that renters search for in a rental property. While important necessities such as being near amenities and such remain a core priority, these extras can make living in your house that much more pleasant. To find a home loan suited to your needs, speak to the lending professionals at Bank of Heritage Isle.