Targeting Tenants by Understanding Local Demographics

The market for property leasing is a very competitive one. There are so many types of tenants who have different expectations when they start their search for properties available on lease. If you decide to put your property on the market in Albany 6330, you need to think about the sort of tenants that you wish to attract for your property. The best place to begin is to understand the demographics of your locality by going through the most recent census information.

According to the census conducted in 2021, the percentage of people in the different categories of employment in Albany is as follows:

  • Professionals – 2%
  • Technicians or Trade workers – 5%
  • Community or Personal Service workers – 1%
  • Labourers – 6%
  • Managers – 6%
  • Clerical and Administrative workers – 5%
  • Sales workers – 3%
  • Machinery operators – 8%

The importance of these figures is that they reflect the diversity in the population in terms of income-generation. Such a case makes it imperative for you to focus on the category you want to cater to in terms of offering your property for tenancy.

Making Your Decision

Your decision needs to be based on the following factors:

Condition of Your Property

If your property is well maintained, it can attract many buyers or a high rent. You can choose to keep the rent moderate to find a tenant quickly or you can set a high rent and wait for the tenant that can pay it. Usually, professionals are able to pay well and they expect the property to be presented in the best way. On the other hand, if your property requires a lot of repairs and you are not in a state to pay for its renovation, you should target the middle-income group. The reason is that these tenants usually do not expect or demand a well-maintained and up-to-date property. They are ready to live in a property which is not in the best condition.

Income of The Different Employment Groups

If you want more rent for your property then you need to target the high-income earning groups like technicians, managers and professionals who can afford these higher priced properties. You need to present your property in such a way that it attracts the attention of your target group. All the amenities should be provided and appropriate repairs done. However, if you are ready to settle for a moderate rent, you can expand your target group to include sales workers or machinery operators.

If you take a look at the local demographics of your area before offering your property on lease, it can help you to attract the right tenant without much effort or time spent and make the whole process more streamlined. If you’d like some help in securing a tenant for your property, get in touch with the team at Wellington & Reeves – we’d be more than happy to assist you!

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