Renter’s have fears – and as a landlord, it is vital to understand these, as well as keeping your investment properties in tip top shape so that you attract good tenants – retention being key. One way to beat the crowd? Get a property manager to correctly manage the day to day intricacies of your investment properties.
Up to a third of the rental market is made up of people who rent by choice — whether they be downsizers or those who are renting an investment property - renting is less of a life stage before buying and more of a lifestyle choice for some.
A recent report by affordable housing and tenant groups, co-authored by Choice, says there’s an “entrenched culture of fear among renters” and that the significant power imbalance between landlords and tenants must be addressed.
The biggest problems cited by renters were pests (27 per cent), door or windows that don’t close properly (24 per cent), peeling paint or loose tiles (22 per cent), leaks or flooding (21 per cent), mould (20 per cent) and lack of fly screens on windows (19 per cent).
Fear of retribution was widespread, with 50 per cent of renters concerned about being “black-listed” and 14 per cent saying they had not made a complaint or requested a repair for fear of adverse consequences.
The biggest reason was concern the rent would be put up, followed by fear of eviction, fear of a bad reference or black-listing and fear of not getting the lease renewed.
People with disabilities, or those who receive government grants, have young children, pets or even single parents reported instances of discrimination.
As a landlord, if you have an investment property that you are putting onto the rental market, you will know how important it is to find a good tenant. Once you have found one, retention should be your primary objective. Focussing on understanding and allaying the abovementioned fears will go a long way to retaining your desirable tenant.