There’s plenty of competition from other landlords when it comes to renting out your apartment. So it’s important to consider which extra features will make your property stand out from the crowd.
Modern tenants have increasingly higher expectations of the apartments they choose to rent. What, then, can make a property more appealing to prospective tenants?
This has to be top of the list in Australian rentals. And not just any old air conditioning unit, but a suitably sized split-system which comfortably cools the living room. If you think about putting one in the main bedroom too, your tenants will love you for it.
It’s worth investing in a good dishwasher. There’s nothing more frustrating for a tenant than opening a dirty dishwasher which doesn’t work properly. Tenants give dishwashers a real workout, so think about buying a more durable mid-range model rather than a cheap one you have to replace in 12 months’ time.
Offer your tenants free WiFi and really stand out. If you’re considering buying a rental apartment, choose one with WiFi already in place. Alternatively investigate fitting it to your individual apartment. These are the kind of conveniences tenants now expect, and they may be tempted to pay a little more rent to get them.
Again, if you’re buying an apartment as an investment, consider purchasing one in a secure block. Tenants love the sense of safety a properly monitored apartment block gives them, especially in the city. With a full security system regulating who enters the apartment block, tenants can rest easy.
Outdoor entertainment area
Outdoor spaces, however small, are at a premium in city apartment blocks. If your apartment boasts a balcony, courtyard or entertainment area, you’re in a great position to rent out your property quickly.
Garage or parking space
These are like gold dust in city apartments, and will give you a greater pool of tenants to choose from – also the option of a higher rent for the luxury.
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Swimming pools and gym
Does your apartment block boast swimming pool and gymnasium? More and more do, and they are favoured by tenants wanting to get the most from a city or suburban lifestyle. The extra you pay in body corporate fees will be well covered by the premium tenants are prepared to pay for amenities like this.
Your body corporate management may ban pets entirely. If pets are allowed in your block, however, consider making your property pet friendly for tenants. Some landlords find it hard to get past the idea of dogs and cats messing up their décor. But with watertight pet clauses built into the lease, you’re covered for damage. And there’s an army of prospective tenants out there desperate to find apartments which will also accept their beloved pets.
Built in robes
It’s an old and perennial favourite. Many tenants shun apartments without built-in robes, because they will have to go out and buy wardrobes themselves. Spare them the trouble and get robes fitted in every bedroom.
Make sure your apartment has lockable security door and fly screens on all windows. It’s the least tenants expect these days.
While some of these options, such as pools and balconies, are best considered before you make the purchase, there’s plenty you can do once you own an investment apartment to make it more appealing to tenants.