March 17, 2022
Property Insights
Property Management

Property Management – Executive Rental Must-Haves

News & Insights
The executive rental market is strong with renting being the preferred housing option for many relocating or local-based executives...

Properties in the high-end executive rental market currently achieve around twice the Melbourne median for a three-bedroom residence. Now that the states and the world have opened up again, the executive rental market is strong with renting being the preferred housing option for many relocating or local-based executives.

If you’re looking to purchase an investment property specifically for the executive rental market, it’s important to know what renters are currently looking for.

Paula Matlock, Director, Property Management did a whip-around the Marshall White’s network of seven offices and spoke to their leading Property Managers to find out what the executive renter currently has on their ‘shopping list’.

Bedrooms/Bathrooms

Minimum of three good-size carpeted bedrooms, preferably all with ensuites, plus a central bathroom. Showers should be separate walk-ins – not ‘over bath’. Walk-in robe and ensuite with bath to main bedroom and built-in robes to other bedrooms. Also, good lighting in bathrooms/over mirrors.

 

Indoor/Outdoor Living Areas

High ceilings, hard floors, and a spacious main open plan living/dining/kitchen zone. There should be more than one living space including an outdoor space with a decent-sized balcony, terrace or courtyard that is big enough to accommodate a table and BBQ (built-in) for alfresco dining and entertaining. A gas log fire in the main living zone. A dedicated study or study nook is also required. The kitchen should have a scullery/walk-in pantry, high-end built-in appliances, and a kitchen island bench with room to sit around.

 

Cars/Storage

There should be a minimum of two car spaces, preferably three. Side-by-side parking, not stackers or tandem. There should be ample storage space, or a storage cage or storeroom in basement if applicable. A storage room is preferred for privacy and security.

 

Other important features

Laundry (not European style); lift (internal access is a bonus, but not necessary); ducted heating and cooling throughout; concierge/reception, security lift entrance – the lift needs to be large enough to move in large furniture; A nice outlook/view (water views are a bonus); Easy access to set up NBN/Internet; Sound proofing from other units and road noise. A simple/neutral colour palette that doesn’t date.

Below are some recent examples of properties that fit the bill and were quickly snapped up by executive renters:

 

3/171 Church Street, Brighton

In the exclusive Church Street Hill complex, this three-bedroom, ground floor apartment with two car spaces, a study area, and courtyard leased after the first inspection for $1450 per week.

 

701/K1 Union Street, Melbourne

Offering Bay and Park views, the stunning K1 development in Union Street, Melbourne ticks many of the boxes. Marshall White have recently leased five new apartments ranging from $1300 to $1420 per week.

 

Should you require advice on any aspect of leasing your property, contact our Marshall White Property Management Team for assistance. For more information contact us on (03) 9822 8711.

Discover more properties for lease below: