Young professionals are typically attracted to rental properties in inner-city locations – and it’s easy to see why.
With many properties priced out of their range, they instead go in search of rental options that will mean they can get to work with ease and enjoy all the facilities the CBD has to offer.
However, as a landlord you’ll need to make sure you’re targeting your property at the right market, which involves looking at both the bigger picture and finer details.
If you’re in the market for buying a new rental property, one of the first steps you’ll need to take is thinking about its location.
This means making sure it’s close to public transport links, or is within walking distance of many of a city’s main business districts.
It’s also a good idea to take a look at the demographics of a certain area. If it’s primarily made up of families or retirees, your rental prospects for young professionals might be dramatically reduced.
Everyone likes to return home at the end of a busy day to wind down and forget about work for a while. You’ll therefore need to think carefully about creating the right ambience in your rental property.
Is the sound-proofing sufficient to keep the noise of the city at bay? Have you had a bath installed so they can soak away the stresses of the day?
Remember that your potential tenants want to imagine themselves being able to retire to their apartment at the end of the day, so make it easy as possible for them.
Another feature people will look for is how well connected your property is. This means providing them with all the access points they’ll need to set up an internet connection and phone line.
They won’t want to spend weeks trying to get a new line installed or finding a new contract, so think about making the process as simple as you can.
With flexible working on the rise, it’s more important than ever for properties to have all the necessary connections.
While CBD residences typically attract high rents, it’s essential that you don’t become greedy. This means setting a fair rental cost that’ll attract the type of person you want, but not price them out.
Should you decide to charge a higher rent, make sure the property warrants it. Reasons might include an excellent location or particularly spacious apartment.
Article first appeared on, and is courtesy of, raywhite.com.