To find the highest possible rent and to attract the best possible tenants you need to know exactly what tenants look for when their searching for a rental property. With this particular knowledge your well on the way to happy investing and with happy tenants.
Location is of major importance to help prospective tenants well before they even give consideration to the style of home or type of dwelling being offered for rent. For those who have already purchased your investment property there is not much you can do about the location. If your still looking for an investment house a few points to keep in mind should be how close or how far away are local amenities such as schools, shops, general public transport, employment opportunities, sporting facilities, hospitals, ocean, water, parks etc . If the property is on a busy road and also in a quiet street or cul de sac and if the property offers any views, breezes or the facet of the property. Careful consideration to these points is most valuable when determining purchasing an investment property.
The rental level will also determine the type of tenants who would look to rent the property. The market rent needs to be fair in comparison to what else is usually on offer in the surrounding neighbourhood. For example a tenant won't pay $500 per week for a property when there are 10 of the exact same property available for rent at $400 per week. One of the benefits of employing a good property management company to regulate your property is they will have prepared a CRA (Comparative Rental Analysis) and will know exactly what is achievable and precisely what is not.
Most tenants are security conscious and they want to know they will be safe in the property and so to their belongings as soon as there out. Things like deadlocks to front and rear doors, security screens to all windows and doors and even an crisis response system provides the tenant with piece of mind. Most tenants prefer properties to be fully fenced to the rear and aspects and to have a gate to the return of the property. This will give them peace of mind knowing their children can safely enjoy in the rear yard of the property and the property is secure.
The property needs to be in good repair and thoroughly clean and tidy which will show prospective tenants you are willing to provide a safe and inviting property that they too may well call home. The maintenance on the property should be considered as an ongoing investment (and not a cost) of being a property trader. This will enable you to achieve a higher rental figure per week and attract great tenants who will treat your home as their own personal. If your property has dripping taps, torn flywire or security screen mesh, needs a paint or has across grown gardens it will be much less appealing to quality tenants. By investing some money in your property you will be surprised how easily your investment can be recouped.
Another important factor is the properties temperature inside and out. Air conditioning and ceiling fans are usually essential in a warmer climate and heating is important in a cooler climate. Tenants will know if they are looking at an apartment or even townhouse and the bedrooms are upstairs they will be hot in summer and cold in winter. They will look for offers like a separate air conditioning unit in the master bedroom or at least ceiling fans. If the main living area in the house has the hot sun conquering in on that side of the house all day long in summer they will probably expect an air conditioner. The same applies to outside the house, is there a patio and if so is it large enough that the tenants can comfortably entertain under and not so small to medium sized they need to sit inside when their relations or friends visit. The home should also be safely ventilated and have more than enough windows to capture the breezes as this will save on their energy costs for tenants as well.
The size of that rooms is also an important consideration tenants are looking for in a rental property. They need enough room to comfortably enjoy require the home. The bedrooms don't need to be the size of Buckingham Palace but they do need to fit more than a bed. Childrens bedrooms need to be large enough for a bed and wardrobe (if there are no built ins) as well as a place to get a desk as most teenagers now have computers or a television in the room. A tenant will also need to see their bar suite and other furniture will easily fit in the rooms provided. The same principal still applies whether it's a small 2 rooms townhouse or a large five bedroom house.
The investment property also needs to be low maintenance and easy to keep up. In a house tenants don't want to be spending large amounts of their weekends mowing lawns, pruning hedges and looking after prize wining rose bushes. They want to be out enjoying themselves so low maintenance gardens are important. If there are backyard garden beds at the property make sure they are edged and mulched. This makes it easier for the tenants to mow and whipper snip the lawn and weed the garden bed. If you do have beautiful gardens and lawns throughout the premises then pay for a gardener to maintain them. Not all tenants will have the same passion for gardening that you may have. If the home has a pool I would strongly recommend employing a pool company to maintain the pool. This may sound expensive but from my own experience it may save you thousands over the long term.
A factor which is becoming more important in today's ever changing world is a environment. With energy costs soaring tenants are now looking for rental properties that will minimise their energy and liquid expenses. Items such as solar or gas hot water systems opposed to electric are becoming more important to tenants. Low wattage or energy efficient light globes installed in the property will also make a difference when tenants are deciding on two virtually identical houses. Another important feature today are rain water tanks as tenants can now be charged for the h2o usage at the home. If a water tank is plumbed into the house to run the toilets and washing machine that will save the tenants a lot of water usage and money.
In summary if you have bought a property already you may not be able to considerably about the location but their should be a few ideas which will help you not only increase the income the property generates but also get a great tenant who will look to stay for a long period and as a result will reduce your vacancy rate.