There seems to be an app for everything these days: Instagram to share your filtered photos, Snapchat for your day to day musings, Tinder for that someone special… if only there was an app with a magical algorithm that could send the perfect tenant knocking!
While some sites may come close, sadly there’s no guaranteed way to find and keep the right tenant. With a constantly evolving rental market, the balance of power is frequently changing. Think back to the final months of 2014. The vacancy rate sat at 4.2% and the average rental price was $420 per week. With a scare number of rentals available, tenants were entering a Hunger Games style battle to win the space they wanted, often offering more than the asking price to secure a home.
Fast forward to 2017: our median rent price has decreased to $365, with over 10,000 properties currently up for grabs on the rental market. This competitive market puts landlords in a new position. A cheaper home with the promise of air conditioning may be enough to lure your dream tenant away if you aren’t able to meet their expectations. If the lease is next due for renewal, it’s a smart idea to think about giving the rent a tweak to bring it in line with current market prices.
According to the Housing Sentiment Report - a bible for current and would be landlords - the secret to keeping your tenant happy is to be attentive to their needs. Good communication is key, and issues must be responded to by yourself, or your property manager, in a timely fashion. See to any maintenance issues promptly, and if they request minor changes to the property, think about it. Your flexibility will be worth it in the long-haul.
An expert in the rent game, Daniel Cohen (First Home Buyers Australia co-founder), says what tenants really want is attention to detail…
Internet connectivity to the NBN network – tick!
Decent sized bedrooms – tick!
Little extras like lawn mowing or pool maintenance services – tick!
Location and amenities nearby - a whopping big tick!
In a rental market that’s becoming increasingly competitive, finding and holding onto the right tenant is more important than ever. Be an attentive and savvy landlord and you’ll have a happy tenant who’ll want to stay with you for as long as possible.