When times are good, it’s easy to think tenants will rent anything at any price. But when the market changes and there’s more competition from other rental homes, a property can quickly lose its appeal.
Outdated homes also mean more calls around making repairs together with more tenant changeovers, all the while falling further behind the market and never reaching their full income potential.
So, what can you do to keep your property in demand for years while also protecting your profits? Well, a good start is to explore what tenants want around primary considerations like:
- Reliability and practicality
- Feeling safe and secure
- Having space for stuff
- Eco-friendly features
- Finding a home with heart
If you’re open to long-term capital growth, minimal changeovers, maximum rental income and an enjoyable landlord life, these five insider tips will help you cement your property’s prosperity.
RELIABILITY AND PRACTICALITY
From little things to big things, and in rental homes old and new, 21st-century lifestyles demand thoughtful touches, stylish design and a blank canvas within a bright and uplifting environment.
Some key essentials include:
- Fresh, neutral decor (think warm white walls in washable paint and real-wood floors), a decent shower for happy morning starts, and even dimmer switches for cosier lighting.
- Maximum natural light. Find ways to lighten dark corners by inserting glass panels into solid doors, enlarging windows, or adding roof lights.
- A space to work from home. Think about your target tenants: do they sit at a dining table with a laptop, or do they need a designated room for privacy and closing off at the end of the day?
Finally, fix anything fiddly or loose. Nobody wants to learn knacks, work around wobbles or listen to leaks and drips, so put everything right to give your tenants a durable home that works without fuss.
HAVING SPACE FOR STUFF
Never the sexiest subject but often the most frustrating issue for tenants, the amount of storage space in a property can make all the difference between someone feeling at home or in temporary digs.
Unfortunately, plenty of tenants end up living with boxes piled in corners because there’s nowhere to hide their stuff, and it’s often why they leave, so think about whether your property has:
- Somewhere to hide everyday household items like a vacuum cleaner, ironing board, suitcases, shoes, a mop and bucket, broom, ladder, bicycle pump, and cleaning products.
- Enough cupboards and shelves in the kitchen for as much food and crockery as the number of people living there need, and a cabinet in the bathroom for everyone’s lotions and potions.
- Built-in wardrobes with mirrored sliding doors. They’re highly space-efficient, make bedrooms feel larger, and remove the need to lug freestanding ones in and out while scuffing walls.
As a final bonus, installing hooks in halls and on the backs of doors for coats, dressing gowns and towels will save your walls from tenants’ drills and attempts at repairs when they leave.
FEELING SAFE & SECURE
Creating a sense of safety and security in a rental property goes beyond having a sturdy front door. It’s also about giving tenants peace of mind around settling down for a long time.
Some tangible ways you can do this include:
- Be clear on your plans and preferences. Whether you want a tenant forever or just for a year, be upfront from the start. Being cagey only breeds more of the same.
- Invest in security measures like robust locks on doors and windows and security lighting for dark pathways to deter potential intruders and enhance your tenant’s sense of safety.
- Prove that you’re a pro by giving your tenants an out-of-hours contact number for emergencies, addressing any issues promptly, and performing a regular maintenance schedule.
All of this will attract the very best tenants with the prospect of a well-managed and long-term home, which in turn encourages them to care for your property as if it were their own.
ECO-FRIENDLY FEATURES
Energy prices may have dropped from their peak, but utility bills and eco-friendly features are still major considerations for tenants, from practical concerns to feel-good factors.
Among the many options to do this without spending a fortune, you could:
- Reduce energy consumption by installing A-rated appliances, room thermostats, efficient radiators, a smart meter, and water restrictors on taps, showers and loos.
- Make your property naturally warmer with low-cost yet highly effective measures like filling cracks around window frames, and fitting draft excluders under doors and around letterboxes.
- Add an integrated recycling and compost separator in the kitchen, a rainwater butt in the garden for watering plants, and an outdoor washing line for drying clothes with the sun’s heat.
Embracing sustainability and finding ways to reduce running costs are powerful steps that truly resonate with tenants. They’re also excellent news for your business and bottom line.
HOMES WITH A HEART
Convenience, comfort and space for joyous times are magnets for great tenants, whether they’re spending time alone, with friends, or with other housemates. Popular examples in rental homes include:
- A low-maintenance outdoor space. Whether it’s a patio or balcony for sharers or a lawned garden for families, keep it simple to care for and leave tenants to choose the plants they want.
- Sociable rooms where people can come together. From an open-plan living room and kitchen for sharers and couples to a large kitchen hub for families that suits homework, TV, and cooking.
- Permission for pets. People with a furry family member are often willing to pay extra rent and are among the most conscientious tenants.
To sum up, think about where you can find or add some soul. Put yourself in a tenant’s shoes, consider whether you’d live in your own rental property, and then aim to remove any reasons to say no.
Is your rental property what tenants want?
If you’re wondering whether your property matches what tenants want from a rental home, why not get in touch for some friendly and expert advice?
Call Richard Cook on 0790 909 3141 or email him at richard.cook@fifeproperties.co.uk for a chat – we’re here to minimise your work and maximise your profit with win-win homes for tenants and landlords alike.
