Renters' changing attitudes
14 December 2011
How to attract and retain the perfect tenant? It's all about allowing the renter to create a 'home'.
Ongoing housing affordability issues see the rental market emerge as a lifestyle choice, with Australians looking to rentals as a long-term 'home' rather than an interim or short-term measure. What does this mean for the landlord? Tenants are expecting more in terms of looser regulation on what they can and can't do.
Australia's number one rental website, rent.com.au, conducted a Renters Unite and Have Your Say Survey earlier in the year. This survey highlighted the change in attitude in the rental market and pointed to key areas agents and landlords can capitalise on to ensure the perfect, long-term tenant.
Key findings were the ability to own a pet, hang artwork, place family photos, enjoy a good kitchen and do DIY in the garden. Rent.com.au CEO Mark Woschnak says the findings are not surprising given that more and more Australians are choosing to rent as a long-term option and want those aspects that make the place they are renting feel like home.
High on renters' wish lists was the ability to own a pet, with about 70% of respondents stating they would own a pet if they could and 60% saying the ability to own a pet swayed their decision when choosing a rental property. The other major finding was that renters wanted the ability to make their rental property a home – respondents stated that what makes a home a 'home' are: a good kitchen (79.9%); ability to hang artwork (71.9%); ability to have a pet (71.4%); ability to display family photos (71.3%); and ability to create/modify a garden (56.7%).
"Due to increasingly stressful housing affordability levels and a changing lifestyle where renting is a preferred option by many, Australian cities are highly likely to follow major overseas city trends whereby the large majority of the population rents rather than purchases homes," says Mark Woschnak.
"Australia has about 28% of the population that rent, and with this long-term trend, now evidenced here, there will be greater pressure on landlords to provide 'homes' for singles, couples and families, rather than just bricks and mortar. Our recent survey highlights the desire by tenants to have some aspects of contractual rental agreements relaxed, so they can make a longer term home. Having a good, long-term tenant will provide many benefits and ensure an investment with a sound, reliable return."
Top 5: what renters want
Ability to personalise a rental property to make it a longer term 'home'.
More flexibility to have pets.
Rental increases in return for basic maintenance, or for proposed work to be completed.
More convenient and longer viewing times with the option of a second inspection so partners/family can attend.
More respect – renters would like agents and/or landlords to return phone calls more often.
*Renters Unite and Have Your Say Survey conducted by rent.com.au (June 14–17, 2011). Sample size 878. Survey Monkey.