There are a lot of articles out there encouraging young people to rent. There’s also the fact that the Great Australian Dream of owning your own home is increasingly difficult for young people to achieve. The result is a lot of GEN Y renters. But what do GEN Y look for in a rental property? And what can you do to attract the younger generation to your property?
A recent survey asked those of GEN Y what they look for in a rental property. The survey result clearly showed the top 3 features most wanted by Gen Y in a rental property.
Here’s the Top 3 Most Wanted Features by Gen Y:
- The top answer was a modern kitchen with modern fittings, specifically a microwave and dishwasher. Renovating your property can take time and money, but the value it adds can be significant. Where some older properties have small, pokey kitchens, removing a wall, or simply updating the cupboards and appliances can make a small kitchen more bearable to a potential Tenant, and improve the value. If a renovation isn’t an option, updating the appliances can improve the number of potential Tenants. For example, installing a dishwasher and / or providing a microwave is a great way to improve a property in a simple, effective way.
- Secondly, was storage. For some, built in wardrobes are a must-have on their property search checklist. If Tenants are coming from a property already with built in wardrobes, they won’t own any alternative furniture and they may disregard a property without built in wardrobes. If the room is big enough, installing built in wardrobes or supplying alternative wardrobes is another easy way to gain more potential Tenants.
- Thirdly, was air conditioning. A modern comfort, which is increasingly considered a necessity in Australia, air conditioning may just sway a GEN Y-er towards applying for a property, and another easy addition you can add to your property.
Other things that were mentioned in the survey, that you might be interested in improving in your property and the number of potential Tenants, were easy parking, being pet friend, security screens, ceiling fans, a separate shower from the bath and more power points.
So, if you are wanting more applicants for your property, or are thinking of improving the value of your property, you may like to consider these simple suggestions. Please consult a registered builder for any major renovations and costings.
Source: Elleisa Schloss, Real Estate Dynamics