As a Landlord, it can be tricky to get the balance right to ensure your property remains competitive in terms of rental price and also offers tenants features that will set it apart from the competition.
In today’s renter’s market, it is more important than ever to keep your property tenanted by considering the needs of the modern lifestyle and the practicalities of your property as a long-term solution for potential tenants.
Image Property has taken some time to ask our 5-star tenants what it is they really want. Interestingly, when it comes to storage, extra space is considered highly valuable, although most are not willing to pay additional rent for the luxury.
Based on feedback, today’s renters have become quite savvy at moving between properties with only their essentials; the cost of renting being flagged as already enough, without adding an additional financial burden for more storage.
With more and more people moving into apartment buildings, particularly in central Brisbane, renters are finding alternate solutions to storage space.
External storage provides tenants with a permanent and secure arrangement for storing their possessions, which they can manage separately to their rental payments. It directly contributes to their ability to source accommodation that may be priced at a reduced amount due to less storage space.
Some tenants prefer to create their own storage solutions to make their accommodation fit with their needs. While this can work out well, it does mean an additional personal financial cost for tenants and the possibility of Landlords being dissatisfied with the changes being made to their properties.
Conversely, over 39 per cent of respondents suggested that they would be happy to pay more if it meant extra storage for their possessions at their home, which puts Landlords in a tricky position.
How do you ensure your property offers an appropriate amount of storage to attract tenants, without pushing up the price point and deterring potential tenants?
If your property has ample storage, do not deter tenants by increasing your rent with no obvious improvement or additional space, as most tenants would prefer to manage their storage without the additional financial burden.
However, if you are preparing a property for rent, or renovating, consider installing additional storage wherever possible – especially in units and smaller houses. Your tenants will enjoy the ability to keep their treasured items at home with them, and may pay more to live somewhere that contains their life comfortably.
Storage is another way to ensure you attract and retain 5-star tenants.
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