So we all know what rent is, but do we know what factors increase or decrease a rental figure? A good way to wrap our heads around this is to understand attractions from a tenants perspective. They will pay attention to location, first and foremost. This includes transport options and travel times, it will also include catchment areas if they are a family, it will include what employment opportunities are close as well as what shopping and recreation opportunities are close by as well.
They will also look at what amenities the house itself has. For example, if in a complex, what kind of pool area, BBQ area, seating or kids areas etc. The age of the property is also a huge factor. If you had found two rentals you were thinking of renting, both apartments. One was 20 years old and the other was brand new and they were the same price, which would you choose? This also ties in with the fourth point, which is quality. Our vacancy rates also tie in closely with our rental attributes. If we supply a property that ticks a lot of the boxes from a tenants perspective, people will want to live there. They may even be prepared to pay a little extra for something that is perfect for them.