In 2019 a survey showed that 86.4% of the population lives on rent in Nairobi and this has been a constant percentage for a few years now. A lot of landlords are finding new ways to attract and retain tenants and to do so they need to understand what the occupants want from a rental property, what they are willing to pay, their likes and dislikes and what price they are willing to pay for extra services.
However, there has been a notable increase in the number of new developments recently but their occupancy rates are very low because of the oversupply. So what should be done? And what do tenants want?
Firstly, the location is a major factor because with that many other things are related like convenience and transportation around the city, safety and also a good view which everyone likes to enjoy. If the tenants have families they would want to be in a good area with schools and a good community around where their family can grow.
In today’s time and in the coming future research says that more than any of this the tenants would want to have access to higher broadband speed. There is a possibility that tenants would be willing to pay extra for this service. Moreover the growing costs of utilities and energy prices and their availability are a factor to consider because of the impact it has on the climate which would have an indirect effect on the economy and thus the rental prices.
Moreover, many tenants would like to have greater flexibility and control over the property. Owning pets and maybe ability to re-decorate interiors is something not many rentals offer which is seen a negative side of rental properties. Moreover Low administration fees and better rent control is something all tenants want; hiking up the prices every year or every few months is something that puts off tenants and in Kenya the rent prices are increasing every month.
Finally, with the current generation and the upcoming generation and the fast track this city is moving in, most people want a hassle free life especially when it comes to their homes so most people will look for rentals that are new and need less or no repairs rather than old properties. Moving into a new place is a fresh start for the tenants so make the property as fresh as they feel. In other words make it move – in ready.