Location tops tenants' list of priorities

By Terry Ryder, 24th December 2008

Location is the main criteria for tenants seeking rental accommodation, according to a survey by Matusik Property Insights. Tenants desire, above all else, to be close to work, public transport and facilities such as shopping.

Second on tenants’ wish list is the quality of the building or the area, followed by design features of the property such as size, number of bedrooms and yard or balcony space.

The actual rent ranks fourth on tenants’ list of priorities. Fifth is the security and amenity of the immediate neighbourhood and finally tenants would like a view.

The Matusik survey also asked tenants about the features for which they were willing to pay a premium. No.1 on the wish list is a study, preferably a separate room but a study nook will suffice. Broadband internet access is also important. “Many renters are younger people undertaking a tertiary course, so being able to study at home is important,” Matusik says.

No.2 on the list of items tenants will pay more for is a well-located, well-equipped and functional kitchen, preferably will ample storage space. “Renters, even the younger crowd, can cook and entertain at home,” Matusik says.

No.3 is a proper en suite, directly adjacent to the bedroom. “Given the rise in sharing – just under half of our survey respondents share their rental accommodation with an unrelated person – having a private bathroom is a must,” Matusik says.

Tenants will also pay more for a view, bedrooms large enough to fit a queen-sized bed, and secure off-street parking (preferably under cover).

The Matusik survey found six out of ten would pay up to 10% more in rent to get these features, while another one-fifteh saying they would pay a 20% premium.

Tenants will pay a premium for ….
1. Study
2. Quality kitchen
3. En suite
4. Views
5. Large bedrooms
6. Secure parking