What Tenants Want: How to Attract the Right Tenants

Under a proposed ‘shake-up of rental laws’, the NSW Government’s proposed changes would prevent landlords from refusing tenants based on pet ownership. As a result, it’s more important than ever for landlords in Gosford, Erina, and surrounding areas to understand tenant preferences to remain competitive. Catering to tenant needs can also help you attract more applicants, leading to better rental income and high-quality tenants. Here’s a guide thanks to a recent article from Matusick Missive that will help you to understand what modern tenants are looking for:

The Basics - SOAP

Providing key essentials is a great way to stand out in the rental market in Saratoga or Terrigal. Here are the core features tenants still value:

1. Storage: Tenants want ample space for personal belongings.
2. Outdoor Living Space: A backyard, balcony, or patio is highly appealing.
3. Air Conditioning: Essential for tenants seeking comfort, especially during warmer months.
4. Parking: Off-street parking remains a top priority for many tenants.

The New Wave of Tenants – PIES

More tenants are demanding features that offer convenience and comfort. This modern wave of renters values PIES:

1. Pets: With upcoming legislation, being pet-friendly can increase your pool of applicants.
2. Internet Connectivity: Reliable, fast internet is a must.
3. Energy Efficiency and Solar: More tenants want environmentally-friendly homes.
4. Security: Tenants prioritise homes with secure entrances and parking.

LEAP – Attracting Long-Term Tenants

To attract stable, long-term tenants in places like Davistown and Kincumber, LEAP focuses on:

1. Longer Leases: Tenants appreciate the security of 3- to 5-year leases.
2. Easy Maintenance: Well-maintained properties with minimal upkeep are highly desirable.
3. Attention to Detail: Keep your property in top condition with prompt repairs and quality finishes.
4. Policing Neighbour Behaviour: Especially important in strata settings, where neighbours impact tenant satisfaction.

Would You Live Here?

The key to attracting great tenants is to ask yourself, “Would I live here?” By ensuring your rental property is well-maintained, secure, and equipped with modern features, you can create a property that appeals to tenants.

Understanding tenant preferences is crucial for creating a desirable rental property on the Central Coast. By catering to the basics and modern tenant expectations, you’ll increase your chances of attracting high-quality tenants and securing a solid rental income.

How Central Coast Mortgages Can Help

If you want to invest in rental properties or improve your property, Central Coast Mortgages can help you secure the right loan. We work with property owners to ensure they have the financing needed to cater to tenant demand. Whether it’s funding a new renovation, adding energy-efficient features, or simply expanding your rental portfolio, we can assist in making your property competitive in today’s market.

Contact Katrina at Central Coast Mortgages

Email Katrina at katrina@centralcoastmortgages.com.au to learn more about how we can help you finance your next rental property investment.

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