So, this question isn't meant to trick you, but rather knowing the answer can offer valuable insights into the most suitable type of property for your investment strategy. If you answer correctly, your tenant should cover the majority of your investment property costs through rent. Understanding the preferences of the renting population is key to ensuring your property is consistently and reliably rented out.
Different suburbs and regions attract different types of renters who seek different features in a property and its location. For example, renters in inner-city areas may prioritise proximity to cafes, bars, gyms, shopping, and public transport. On the other hand, renters in the suburbs, often families, may prioritise proximity to good schools, parks, playgrounds, shopping malls, and employment hubs.
Additionally, renter profiles vary between cities. In more affordable cities, the majority of renters are under 35 years old, while in pricier cities, the age range tends to skew higher.
Research indicates a strong correlation between the renter's age and the desired age of the property. Younger renters tend to prefer newer properties. Therefore, investing in a new inner-city apartment might be more beneficial than an older 3-bedroom house in the suburbs. Conversely, in areas with expected strong capital growth, the renting population is likely to be young families who prefer a 4-bedroom house with a double lock-up garage and a backyard.
Understanding the preferences of the renting population is crucial for selecting the right type of property and location. This micro-research is a significant part of our research methodology. If you would like us to conduct this research for you, please click the button below to book a Start Your Acceleration appointment.
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