Here are three acronyms you should know to better understand what tenants want.
SOAP
SOAP has been around for some time, and it is somewhat heartening to see that this old faithful still features high on the rental market’s want list.
S = Storage
0 = Outdoor living space
A = Air conditioning
P = Parking (off street)
PIES
In recent years there has been a want for other things when it comes to rental accommodation and the PIES abbreviation sums it up nicely.
P = Pets
I = Internet (hi-speed) connectivity
E = Energy efficiency appliances and cost-saving installations like solar panels
S = Security measures covering both the house (contents) and vehicles
When it came to pets, most seemed happy to a pay premium to allow them to rent with their pet/s.
My work in this space confirms the often-cited 10% to 20% additional charge.
More about pets is coming your way soon.
LEAP
Looking forward tenants would like to see changes in the rental space and the four most common appeals included:
L = Longer leases
E = Easy to maintain home
A = Attention to detail
P = Policing
Many renters are looking to lock into a longer lease – more akin to a commercial lease – with a three or five year terms and set rental increases.
In essence, this is what Built to Rent is all about.
There is also a desire to replace carpet with timber flooring (even in bedrooms) and reduce the level of outdoor maintenance required.
Tenants say that they are willing to pay a slight premium (averaging 5%) for an easy maintenance rental home and would pick such a property over one that – they think – would take longer to keep clean.
Attention to detail is a two-pronged folk.
On one prong we have renters saying that the rental managers need to improve their level of service and to remember basic details about the property they manage and the tenants occupying them when they make contact or undertake inspections.
And on the second spike, quite a few tenants complain about the small stuff – leaking taps, very worn carpet, poor painting, holes in fly screens (and walls!), windows and doors that don’t open or shut properly and other such remedial repairs.
Many of these should be fixed before a new tenancy, whilst others during occupation.
And finally policing.
This mostly concerns folks renting apartments and townhouses and their complaints were often about the lack of policing the body’s corporate rules – noise, rubbish and parking violations were the more common grievances.
