Today I spoke to our property management team Antony Laing and Jude Naylor to ask what makes a good investment  property for rentals in the Centenary Suburbs and what local tenants are looking for.  As it turns out there is a lot of overlap.

NOTE: The Centenary Suburbs are typically thought to include Middle Park,  Jindalee, Mount Ommaney, Jamboree Heights, Westlake, Riverhills and Sumner but more recently Seventeen Mile Rocks and Sinnamon park have also been added.

What property renters want:

Neat and tidy number one

The number one ‘ask’ for renters is a well presented home.  But what does this really mean?  Neat and tidy,  low maintenance yards and gardens.  Jude says one of the biggest turn offs for renters is bad paintwork.  It doesn’t need to be absolutely fresh –  but clean, tidy paintwork is a must. Kitchens and bathrooms don’t necessarily need to be brand new but tidy and functional is the key.

Competitively priced

A well-priced rental will almost always win against other properties. Price research is paramount.  Competitively priced homes will entice potential renters to switch preferences in order to save money.  It does depend on individual preferences but a cheaper, inferior property may actually attract a tenant purely based on price.

Bonus features in rentals

A fully fenced yard is a big bonus.

Homes that are child or pet friendly are in demand.

Location is important – often this is important for access to school catchments.

Convenience is important – close to shops, buses, trains (no surprises there).

Tenants prefer owners who are pro-active on maintaining a property and this will really show during rental inspections.

Air conditioning and fans are a feature people look for.  It can take longer to rent a property without air conditioning in Brisbane.  Jude says it’s not a deal breaker but is a big attractor.  If the living areas are air conditioned tenants are often happy to have just fans in the bedrooms.

What draws better rental prices?

I asked Jude and Antony what renters are happy to pay more for:

Yard or pool maintenance included in rent is a big one.  A high maintenance yard might seem out of reach for some if they are responsible for maintenance.

Individual taste plays a big part – lifestyle features that suit their requirements e.g. large rumpus or family rooms or entertaining areas or of course an amazing location such as a house on river.

The little extras – remote garage doors, for example.

Security screens (or fly screens at least) are desirable so that homes can have windows open.

In summary Jude noted that what we look for in a home for sale can often be similar to what we desire in a rental property.

What rental property owners want:

Antony is out talking to owners every day and knows the number one priority is a worry free investment.  Rental property owners want:

A good rental return

Good quality tenants who always pay on time are worth their weight in gold.

Low hassle.

Someone who is going to look after the home and take pride as if it were their own.

People who will report maintenance as it arises so that the condition of the property can be maintained.

Both Jude and Antony agree that good communication with tenants is one of the most important aspects of property management.  If a tenant does not report maintenance issues (even minor ones) immediately they can escalate quickly.  Even if it’s minor, good property managers want to know.  Everything can be sorted.

What makes a good rental property?

Antony knows firsthand what is involved in the management of a rental property from both an owners and a tenants point of view.  When asked what makes a good rental property in terms of the property itself Antony had the following to say:

Low maintenance is number one.  No huge hedges.  No large trees. Pools are a selling point during summer particularly for families coming from interstate who may be used to the heat of Queensland but be aware that pools can be expensive to maintain, service and run.

Top maintenance items are hot water systems, electrical services for light fittings, taps servicing and in older homes gutters and window seals which can be prone to more leaks.  Licensed tradespeople (e.g. plumbers and electricians) are required to remedy these sort of maintenance issues in order to ensure insurance requirements are met.

Look for a low maintenance house that does not require painting.  Avoid large trees, and complex gardens that need constant care.

Location (of course).  Look for convenient locations close to schools, shops and transport.

Additional features to look for:

Solar hot water or power are always pluses along with other features such as air conditioning and outdoor entertaining areas or anything that makes a home more liveable.

Internet is a big influencer.  Lots of people do gaming or run a business from home.  Potential tenants almost always ask what the internet is like in the home.

Tenants like it if yard or pool maintenance is included even if they pay more – this is good for owners too.

What’s good for tenants is good for owners

In summary, what’s good for tenants is also good for owners.  Owners who invest in low maintenance, neat and tidy rental properties in locations close to amenities can attract better tenants with bonus features such as air conditioning, screens, covered outdoor areas and maintenance inclusive rental.

Tenants who always pay on time, treat the home as their own and are good at communicating maintenance issues quickly (even minor ones), will never have any trouble getting approved for their ideal home to rent in the Centenary Suburbs of Brisbane.