What Attracts an Executive Tenant?

by Shannyn Laird

 

Property purchasers are classic users of ‘must have’ check lists. They’ll happily wander into a selling agent’s office and lay out their essential ‘wants’ in a new home, hoping to unearth the perfect listing. So, it should come as no surprise tenants also apply the same process when selecting their housing – and among the most fastidious are executive-level renters. This group is keen to find the perfect property, and many will pay a rental premium to secure exactly what they desire.

After successfully leasing out many high-end properties here at Urban, we’ve learned a thing or two about what it takes to attract the right type of top-notch tenants and secure the best lease terms.

Here’s our list of essentials for attracting executive tenants.

 

Location Holds Pole Position

Executive tenants are looking for locations that will couple a desirable lifestyle with high-quality housing. Inner-west addresses such as Paddington, Red Hill and Bardon draw in these new residents, but they’re seeking more than just a suburb.

High-end tenants increasingly want to be within school catchments such as Milton and Rainworth. These are institutions with sterling reputations, and a school community filled with similarprofessional-level families. We have tenants that say being within at least one of these catchments is a ‘non-negotiable’ – and they’re happy to pay a bit of extra rent each week to achieve that.

In addition, most want lifestyle too. There are few things more satisfying to a prestige tenant than walking two minutes to a popular café hub while watching those from further afield hunt for a carpark.

If you have the advantage of location, make sure your rental listing highlights the benefits, including a map showing that all the essentials are within easy reach.

 

Feature Comforts

When you’re paying top rent, it’s expected that what some describe as ‘optional extras’ will come as standard. For example, effective air conditioning is an absolute must in Brisbane. We live in a wonderful part of the world, but our summers can be brutal. Tenants, particularly those who’ve moved here from colder cities interstateand overseas, want to climate control their space.

Pools are another winner. Again, it’sabout the chance for the new tenant to embrace the Brisbane climate. Consider providing a regular pool service as part of the lease agreement too. The cost can often be recouped by the premium rent you’ll achieve.

 

Smart Space

A home’s layout must be well considered and practical for the type of tenants you want to attract.

For example, most executives need a comfortable, well ventilated home office to do out-of-hours work. Smart cabling providing reliable internet access will be needed too, as will plenty of storage and shelf space.

Think about liveability as well. Many family tenants at the high-endneed space to spread out, so parents can host friends in one part of the home while the kids are distractedly entertained in the other. Multiple, adaptable living areas are the name of the game, with good size bedrooms and plentiful bathrooms all helping add a premium return to your rental.

 

Commuter Friendly 

When the CBD is where you work, having fast, stress-free travel options is essential. In addition, older kids and young adults will want to have independent travel choices. You can see why proximity to transport is a winner.

Easy access to bikeways and walking tracks can be a sell point for modern professionals looking to add some exercise to their morning commute as well. A short walk to the train station is always handy, as is a quick stroll to the bus stop.

Also, with the rise of interstate commuting means tenants need to be able to get to the airport easily. Quick entry to the Inner City Bypass and onto the airport tunnel, or even easy access via the Skytrain, means the end to frustrations when they need to get away for an important business trip.

 

Outdoors and Views

We fortunately live in a part of the world that allows us to create extra living space simply by opening a door to the outside. Outdoor living is a must for those wanting to bring in the best tenants – particular those renters moving here from overseas locations like the UK and USA. They’ve heard plenty about our enviable climate and are keen to enjoy it.

The key is to make sure outdoor areas are functional and usable all year round. A good roof helps, but orientation is also key to capturing the right sunlight.

Views are also a desirable addition to any tick list. We are fortunate in the inner west to have some of the city’s best outlooks – from CBD skylines to mountainous greenery and even river aspects.

Not every home can have a view, but if you do, flaunt it. Make it a feature through keeping trees cut back or thinking about window and living area placement if you’re building or renovating.

 

A Home for the Motors

There’s no denying the vast majority of southeast Queenslanders get about by car, and when you’re appealing to executive tenants, there’s a decent chance their choice of motor will be high-end and imported.

These tenants want to know their pride-and-joy vehicles are protected from the elements while being secure and safe. A lock-up garage will be among the must-have items, but try and make it a double space if possible. All the better if it has an internal door or covered access to ensure a rain-free walk from car to living room.

Carports are also fine at this level, but the absolute minimum is secure, off-street parking. There are plenty of Paddington residents who’ve scored unexpected fines on a Suncorp Stadium game day for parking in front of their home without their resident’s pass on the dashboard.

 

Home for Pets

Tenants in today’s market are keen to ensure their ‘fur babies’ are looked after. Professionals moving from interstate to take up a new posting will invariably need to bring their pets, and they’ll often pay a rental premium if they can find the right home with a sympathetic pet policy, decent fencing and cleanable, durable floorcoveringsin the right places.

I encourage all landlords to consider allowing pets (within reasonable guidelines) as demand for this is high among top-notch tenants.

Most executive-level tenants aren’t looking to lease a high-end home as a ‘stop over’ property to something else. Many want to settle in, and that means creating comfortable, functional and convenient environment for them and their family. If you’re in the market for high-end tenants, ensure that you’re promoting those features certain to garner the best rent and keep new tenants happy for the long term.