What Really Makes A Standout Rental Property

Many people think they know the formula for a prime rental property but it’s imperative they stay alert to their unconscious biases and how the information they haven’t uncovered could lead them astray. 

A large rental property in a popular neighbourhood with many bedrooms will doubtless be appealing, to a point, but the most popular rentals are shaped by a combination of factors. While many are obvious, some are easily overlooked.   

Students, for instance, who once flocked to large share houses with many bedrooms, are now showing a preference for smaller abodes with multiple ensuites.  Parking is also a crucial consideration because while they might catch the odd bus, most still rely on their cars heavily to get around the city. Students also 100% expect a healthy home so don’t think for a second they’ll suck it up and tolerate a property that’s remotely damp, draughty or cold. That goes for the overall state of the bathroom and kitchen too.  As a rule of thumb, they’ll baulk at anything that looks old fashioned, badly configured or lacking in basic amenities.  

While demand for rentals in Hamilton remains high, we still regularly decline properties because they have all the makings of a troubled tenancy, and we don’t want to run the risk. Granny flats, for instance, often trip people up, as many weren’t designed and built to be private rentals, and lack privacy, separate outdoor space and are difficult to access. Because a full consent process is now not required to build a granny flat, it’s more important than ever that people do their homework early around rentability - and separate utilities from the primary dwelling at the outset!

The impact of nearby businesses is another one that catches people off guard, along with neighbours themselves – remember, a tidy exterior is not always a reliable gauge. Tenants are often very well networked and clued up about neighbourhood dynamics in ways that property investors simply aren’t.

Another way we see property investors run into problems is when they overestimate the appeal of certain features like the number of bedrooms while subconsciously overlooking subtler factors that play a crucial role in tenant satisfaction and long-term returns.  
The truth is, gathering all the intel you need to make a truly informed decision is almost impossible if you go it alone. Scouring listings, chatting to locals and trying to gauge the vibe of different suburbs can get you so far, but there are always hidden pitfalls and golden opportunities that only become obvious after years of being at the coalface.   

Lodge City Rentals knows Hamilton’s neighbourhoods like the back of our hand, from the up-and-coming suburbs to the firm forever favourites. We see the red flags that others can’t, which is why hundreds of investors trust and stick with us. These clients pick up the phone before they expand their portfolio because it’s in both of our interests that they make a good decision.  We’re always happy to share what we know. 

If you’re considering adding to your rental portfolio, don’t go it alone. We can help you find a genuinely outstanding investment and enjoy peace of mind knowing your next move is the right one.