Experience counts for a lot in almost any endeavour. Likewise, exposure to certain conditions and situations over a longer timeframe allow generalisations to be made.
One of these generalisations is that certain properties attract certain tenants. For example, for the most part, people who rent houses tend to rent for the longer term. They see the property as a home and crave the space and privacy that a house provides.
On the other hand, Townhouses and Units tend to attract more transient type of occupant. The property seems to be more of a place to live while other situations in their life evolve. For example, perhaps recent arrivals who aren’t sure of where they want to live yet, or even people who are building and need to live nearby until it’s complete. In those circumstances, they are attracted to the lower rent and low maintenance the smaller properties provide.
Obviously generalisations are not true for everyone and not everybody wants the same thing or even have the same reasons for renting.
One thing is true though and that is houses rent faster and are more in demand. I’d say that Houses are the preferred product for tenants who want a home.
Looking at the current vacant properties we have, there is a 30/70 split between Houses, Townhouses and Units.
Just like any property though, location drives rents. Some locations are easier to rent than others as well. We are seeing very low vacancy rates right now and to back this up, stock levels are also low. That points to strong demand for well-located properties that demonstrate a balance between price and convenience. New properties, near Shopping Centres and Transport options especially, attract tenants very easily.
Quality housing is always in demand and there is no sign of that changing in the long term.
Protecting your investment comes in many forms. That can include security alarms and insurance, but by far the best protection you can have is Professional Property management. I’ve seen many people regret the cost saving alternative of managing it themselves when they get into trouble by not knowing what the legal responsibilities are for both the Landlord and the Tenant.
Besides, do you really want to be called in the middle of the night because the hot water service isn’t working or the door lock is broken? Be the Landlord of your property not the handyman.
For your own peace of mind, separate your investment world from your private world by using a Professional Property Manager. To find our about how the Investors Direct Property Management team can help you visit our website or contact us at firstname.lastname@example.org.