A new survey has revealed what renters want in a property — and it has nothing to do with the size of the master bedroom or the luxury features in the kitchen.
Proximity to public transport was the number one determining factor for the 500 renters quizzed as part of the Place Advisory Rental Survey for 2018.
More than half of the respondents (69 per cent) said they would only consider a property within a 10 minute walk, or about a kilometre, from buses, train and ferries.
That was followed by proximity to retail/supermarkets and entertainment/dining, with both important to 56 per cent of respondents.
And the finding is not surprising given that many renters are students or young professionals.
Place Advisory’s Lachlan Walker said there was often a huge difference between what renters want, and what investors think renters want.
The survey found two-bedroom apartments were still the most sought-after property type, with 24 per cent of renters searching that market.
Twenty-two per cent of the respondents wanted a three-bedroom house, according to the survey.
Place Ascot agent Natalie Rasmussen has a two-bedroom unit in Highgate Hill on her books for $530 a week. Its terrace overlooks the river and towards the University of Queensland, and was located close to parks, cafe and shopping precincts and public transport.
And at the bottom of the wishlist was a two-bedroom house, appealing to just 1 per cent of renters.
Mr Walker said most renters (66 per cent) also preferred newer properties.
For $500 a week, Place Bulimba agent Elyse Potter has a two-bedroom apartment in the Promenade Hamilton Apartments which is located at Portside.
Located just minutes from the boardwalks, cafes and public transport including the CityCat services.
Living Here agent Ashlee Cook also has a brand new two bedroom apartment in the Sydney on Sydney development in New Farm. It is listed for $580 a week.
“By and large they’re prepared to give up space in order to live in a new property with more modern amenities,” Mr Walker said.
“Some of the latest enviable perks include well-equipped pools, gyms, cooking facilities, cinemas, rooftop terraces, and communal gardens — which provide residents the ability to entertain beyond the walls of their apartment.”
“For an investor, these amenities can sometimes mean the difference in overall investment for yield, number of applications and days vacant.”