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For a long time it was thought that people rent because they can’t afford to buy. That’s not necessarily the case if the rise in ‘lifestyle renting’ across our cities is any indication.
For a growing number of Australians, the choice of renting in a desirable location, close to trendy bars, cafes and work, is stronger than the pull of buying a home in a potentially more affordable outer suburb.
As a property manager, you can help your clients tap into this market by including the right messages in their marketing. Here are a few features lifestyle renters look for:
Location
The old adage still rings true; when it comes to property, it’s all about location, location, location. Many Australians are willing to pay substantially more to live in their preferred location – which is usually a city or built-up hub that offers lots of amenities and good transport links.
Number of bedrooms
The right number of bedrooms for a rental property’s target market is incredibly important. Houses in family-oriented areas should have three or more bedrooms, whereas funky apartments in the inner city are more appealing if they have one or two bedrooms. A study or spare room is often on a renter’s wishlist too.
Connectivity
Living in a technology-driven world, people expect easy and reliable access to the internet in their homes and for many lifestyle renters the provision of NBN/high-speed internet connections is not negotiable.
Little extras
Homes that offer inclusions such as lawn mowing, gardening, and pool maintenance are often sought-after. While tenants may appreciate a beautifully landscaped garden or the convenience of a swimming pool, many are not willing to devote their leisure time to maintaining these features, so including these services in the rental package is often a good idea.
With many ‘lifestyle renters’ spending more than one-third of their weekly salary on housing, it’s clear that this market segment is willing to pay a premium to support their lifestyle. To help your clients protect their investment, appropriate landlord insurance is a must, as a change in their tenant’s lifestyle should not jeopardise theirs.
ABOUT THE AUTHOR
Sharon Fox-Slater
Sharon Fox-Slater is the Managing Director of EBM RentCover, which protects more than 150,000 rental properties across Australia. She commenced a role with EBM back in 1993 and was part of the core team that helped launch one of Australia’s first landlord insurance policies into the market. She was also the first woman in Australia to complete the Advanced Diploma in Insurance Broking, and is well equipped to educate property investors and property professionals about the value of aligning with a specialist landlord insurance provider.
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