Why renting to tenants with kids is a good move
Historically, landlords are often a little hesitant to rent their property out to families with children. Mainly because you never know how many crayon drawings will end up on the wall and the thought that your plush, one colour carpet may end up rainbow themed from various juice spillages.
Before we forget, there are of course anti-discrimination rules around rejecting applicants. For more information on the legal side, get in touch for a confidential chat. At the end of the day, we want happy tenants and happy landlords!
Let’s first look at some key attributes of families with children.
- They’re often further along in their career, so financial security is less of a worry.
- Families like to settle. They want a place to call their home. You can help make this a reality.
- Kids proper most when they are comfortable at school, so they’re likely to stay put until graduation.
Another thing to consider is that 3 bedroom 1 bathroom homes and bigger are becoming more affordable for young and seasoned investors. The types of people who love these homes are often young and small families. So there is security is knowing that your particular design of home is actually in demand. So not only do investors build their portfolio, but families can settle comfortably and happily by paying regular rent.
Remember. Families are also unlikely to throw wild parties that disrupt the neighbourhood and damage your home!
Now that we know a few of the reasons behind why you families make good tenants, let’s look at how you can attract the right tenant by addressing what tenants are looking for.
Highlight the great local schools, family friendly attractions and amenities
It goes without saying. Quality local schools are a huge asset to your property when it’s on the rental market. Like we said, families like to settle, so if there’s a good school nearby that is accepting new student’s, that a huge tick. Kids also like being kids. Highlight the range of parks kid and free kid friendly attractions. Families will look at this and see themselves enjoying the playground and public park, which makes them feel at home before they’ve even signed the papers. Benchmark Specialist Property Managers are always transparent when highlighting these sorts of features. So we will put a focus on the communities amenities because they add so much value to the family experience.
Some families may also need day-care facilities, recreational centres and shopping centres. These will appeal to families and are often big parts of the decision-making process.
Small home improvements will make your home more kid-friendly
If you’re home isn’t completely kid friendly right now, don’t worry. This is normal. When you bought, or renovated your home you probably weren’t preparing it for other people. You can’t change the number of rooms or bathrooms overnight, but you can make adjustments to make use of your space to include study nooks, built in bookcases and cover exposed edges around the home. Why not jump on Gumtree and find a second-hand swing set or cubbyhouse?
The next is a big one, so pay attention.
Welcome furry friends
Pets can be daunting for landlords. They’re not far off young children by behaviour, and can cause damage if untrained. Here are two things to address so you open up to the idea and cover your home for damage:
- Prepare the home for pets by removing valuable garden items like pots and statues. The framework of your home can be refreshed if a pet makes a mess.
- Now you’re thinking “what if their dog makes a mess? Do I foot the bill?”. We can ensure the bond covers you for damage so that no matter what happens, you have peace of mind that your rental property will still your home when the tenants move out.
Safety and security
This will apply for most tenants. Safety and security is paramount. Without spending a fortune, you can install deadlocks, security screens and test your smoke detectors, pool fencing if you have a pool and so on. It’s a matter of thinking of those extra boxes you can tick that another property owner might not. Your property manager can then highlight these features which will prop you up strongly against the competition.
The business end. Market to tenants with kids
Getting the word out has historically been one of the most challenging tasks. For many property manager’s this is the case. If you read through our blog, you’ll find plenty of points on how to market your property if you want to manage the lease. We’re different from many property managers as we use the regular channels like realestate.com.au, but we also run our own digital marketing and have a network of contacts that we can work with to put a loving family in your home. All you need to do is get in touch and we can get started from here.
Just remember. The best tenant is the one that pays the bill and treats your home like their own; with respect. Our goal is to keep your property well maintained with regular inspections so all parties are happy.