With young adults increasingly opting to rent, the tenant pool is getting deeper & it pays to know renter's key lifestyle trends.
Australians have always placed significant value on the aspiration and ideals of home ownership — it’s part of the Australian dream.
However, with housing prices increasing and younger generations opting to sacrifice the ideal of homeownership for lifestyle and convenience, the tenant pool is getting deeper.
These are your tenants of tomorrow. So it pays (literally) to know what is going on in their minds and what consideration factors are important to them. We have identified some of the key tenant lifestyle trends in 2016.
1. Café culture
While some social commentators may have considered the emerging café culture of the 1990s a passing fad, Australians have well and truly embraced a love of wining, dining and barista-brewed caffeine fixes.
Make no mistake, tenants will be checking out the eating and entertainment amenities when determining whether your property investment is in a location to their liking.
2. Walkability and commutability
It’s not just the quality and selection of eating, entertainment and retail establishments that will potentially wow your tenants, but also their proximity to your property investment.
This, in part, led to the increasing and consistent popularity of neighbourhoods within a 5 to 10 kilometre radius of major CBD’s, where residents have the capacity to jump on a train, tram or bus, or even better — walk.
Ease of access to lifestyle amenities and importantly, employment opportunities, is a primary consideration for today’s tenants.
3. Ease of maintenance
Career driven, leisure loving Gen Y’s or ‘Millennials’ have little time (or inclination for that matter!) to potter around the garden on weekends.
Clean lines, functional spaces and modern conveniences are high on the agenda for these tenants who like their indoor and outdoor spaces to be so low maintenance, they’re virtually self-sustaining.
4. Outdoor entertaining
Low maintenance doesn’t mean non-existent. Even an apartment on the tenth floor will hold greater appeal for prospective tenants if it comes with a balcony.
Australians love the great outdoors, and entertaining is a way of life. Providing a nice landscaped garden, courtyard or even vertical oasis if the only space you have is a balcony, can significantly enhance the value and ‘rentability’ of your property investment.
After more great ideas to optimise your asset so you can pick and choose from a consistently large pool of quality tenants? Connect with the experienced Little Real Estate team, and leverage our years of combined industry knowledge to successfully market and manage your asset, while minimising tenant turnover.
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