Lifestyle renting on the rise

Lifestyle renting on the rise

For a long time it was thought that people rent because they can't afford to buy. That's not necessarily the case.
 
Recent research from comparison site finder.com.au has identified a rising trend in ‘lifestyle renting’ across the nation’s capital cities. For a growing number of Australians, living in desirable locations close to trendy bars, cafes and work is stronger than the pull of owning their own home.
 

With many of these 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 choices.
 
The key to tapping into this market is to make sure your investment property offers what these renters are looking for. According to realestate.com.au the ‘hot features’ for tenants are location, the number of bedrooms, connectivity and ‘little extras’.
 
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 wish-list 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, pool maintenance etc. 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.

 
 
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