Attracting Working Professionals as Tenants
If you’re looking to earn maximum rent from your property from working professionals, you will need to equip the place with a few must-haves to attract this demographic. These ideas will help you in your endeavour to maximise the rent you earn from working professionals.
Choose a Property in the Inner Suburbs
If you’re looking to attract working professionals willing to pay more rent, then your best bet is to purchase an investment property in the inner suburbs. This buying strategy will always work in your favour for this demographic because professionals prefer to live in areas close to workplaces. They are also looking for a host of lifestyle conveniences like cafes, restaurants, shops, beaches, parks and recreational centres. Inner city suburbs tend to be limited in supply, so there is always going to be rental demand for the property. This will ensure that your investment property is rarely left untenanted, giving you the opportunity to earn maximum rental income.
Rent out a Furnished Apartment
Many working professionals prefer furnished apartments because they have the added flexibility of moving around if required. Young working professionals like to travel, while new job opportunities may open international doors for them. For these reasons, working professionals prefer to move with as little as possible from one place to the next. This is why offering a fully furnished apartment is appealing with most working professionals even willing to pay extra for this feature – maximising your rental income. The extent of furnishings you introduce to the property can push your rental yield up by $20 to $100 per week.
Offer Ready Internet Access
Working professionals want quick access to everything. Waiting for the Internet company to set up can be frustrating when the installations typically take place within the Monday to Friday window when most working professionals at the office. Offering Internet access from the moment your tenant steps into your home is a feature that is likely to be appealing to many. Internet access will not only help you attract this demographic to your investment property, but it will also push up your rental income since you can charge more rent for offering this convenient facility to your tenants.
Offer Car Parking
Car parking space is a huge plus point in an investment property, especially in inner city areas where parking is a problem. Offering a car parking spot will offer you a dual benefit –you will always have an endless stream of working professionals waiting to lap up your parking-equipped investment property while giving you the opportunity to push your rental income up by at least $50 to $60 per week. Since parking tends to be expensive in the city, you’ll be well-equipped to handle the needs of your working tenants.
These simple-but-effective ideas will help you in your quest to maximise the rent you earn from working professionals. If you’re looking to buy a property that would appeal to professionals, check out our properties for sale.