Improving your rental property for inner-Sydney WFH tenants
This pandemic has shifted the working landscape, with many workers forced to work from home. But following the pandemic, we expect many employers will consider remote work a viable option and continue to allow their employees to work from home, even if it’s only for a few days a week. As tenants start seeking properties that will enable them to work easily and comfortably from home, here are some things to consider when improving your inner-Sydney rental for work-from-home tenants.
How to make your rental property work-from-home friendly
Here are some ways to make your investment property more attractive to tenants working from home:
- Identify a workspace. If your property is currently vacant, identifying a suitable workspace and adding a desk if you’re staging the property should help it rent faster. You might even consider showing an office nook just for photography. Remember, if your tenants need help to find the best people to set up their home office, Vogue Property can assist.
- Better internet. An essential way to make your investment property appealing to work-from-home tenants is ensuring it has a fast NBN connection (if available) or access to 5G internet. No one wants to be unable to conduct a Zoom meeting because of a troublesome internet connection. At Vogue Property, we will liaise with the strata manager to ensure that tenants have access to, or can get access to, nbn.
- Be flexible. HR managers will inevitably create new health and safety standards for work-from-home employees to adhere to. Standards are likely to include factors like ergonomics, adequate desk space and proper lighting. When establishing their home office environment, your tenants might want to put hooks in the walls, install shelves or request an additional powerpoint. Your tenants working from home will appreciate your flexibility on cosmetic touches. Vogue Property can help you assess whether things like additional power points are advisable, and any insurance or other risks.
- Rethink pet policies. Working from home has seen an increase in people getting pets to keep them company. If you’ve always resisted having pets in your property, you may want to consider rethinking your stand to entice tenants to lease your property.
Things to consider when making your rental property appealing to WFH tenants
Ask yourself the following questions when making your rental property work-from-home friendly:
- Is your rental at risk if tenants work from home? This relates directly to the aforementioned addition of electrical outlets. This can be a risk to your property if it’s old, as it can overload your system. However, most apartments have been rewired with more robust fuses. Vogue Property can assess this situation for you to ensure your rental is not at risk.
- Does your landlord insurance cover you for work-from-home tenants? It’s beneficial to double-check what your rental property insurance covers and what the legislation stipulates concerning your tenant using your rental as a place of business. We can help you with interpretation of the legislation so you have peace of mind.
How the future of remote work affects rental properties
The future of working from home is undoubtedly going to affect the real estate market in several ways. First, we can expect to see an increase in demand for two types of inner-Sydney properties: smaller units with large open-plan areas suitable for an integrated workspace, and two- and three-bedroom units and homes that provide a dedicated home office.
Another thing to consider is parking spaces are becoming less essential as the need for an extra car decreases when tenants work from home. These cost-saving measures can benefit you, though. As when tenants spend less money commuting and operating a vehicle, they can instead afford higher rent and upgrade to a more suitable property.
Can we help you attract better WFH tenants?
The work-from-home issue is one of the most transformative rental property trends in 2021. Fortunately, our team at Vogue Property understands the changing landscape and is here to help you every step of the way. Get in touch with us today.
Free Property Management Advice, talk to an expert now!
Are you a landlord looking for advice? Do you have questions about these uncertain times? Changes to the rental market or anything specific to Property Management? Book a one-on-one, obligation-free, consultation with Jaime Pratt, Head of Property Management at Vogue Property Managers.
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With over 20 years of property management experience, Jaime will openly provide advice on improving rental return, enhancing your property, attracting quality tenants, and finding ways to alleviate your expenses.