If you offer the things tenants value most when you’re renting a place out, you could have a hot property on your hands.
But how do you make sure your rental house or flat is the one to tempt the best tenants?
Step inside the Rental Factory and follow our show home along the property production line to see what key improvements your potential tenants want from your property.
Excel in energy efficiency
Renters are an environmentally aware bunch – 35% of prospective tenants cite energy efficiency as a major factor in choosing a rental property. So if you’re buying new appliances (or replacing old ones) be sure to pick ones with an A-rating every time.
Security is key
Burglars can take less than 60 seconds to gain access to a property. Of course, the more secure the property, the less likely you’ll fall victom to a break-in. So be a security-conscious landlord and ensure you have a British Standard 5-lever mortice lock on the front door, lockable ground floor windows, and a burglar alarm.
Think furnishings
A third of tenants would prefer to rent a property that’s fully or partly furnished, with over half of 18 to 24 year olds preferring this option. It’s important to decide which option to offer before renting, as it may affect the volume and type of potential renters. Luckily, self-assembly furniture is generally inexpensive, so it won’t cost the earth.
Be flexible with décor
A lot of potential renters – 43% to be precise – would value the chance to decorate the property. In some cases even if it’s only to hang some pictures. So be minimal with décor and leave things neutral, so it will be easier to change the décor later on if required.
Make room for extras
40% of potential tenants would like the space to store a bike – and this figure rises to 46% among the 35 to 44 age group. Free up some extra space and your property may attract some smart cyclists!
Garden
Over a third of renters between the age of 18 to 34 would pay more in rent when a garden or communal terrace is on offer. So if your property has a garden, get it looking good! Be careful though – 49% of landlords who have withheld a deposit did so because of the state of the garden.
Parking
Over a fifth of prospective tenants would value off-street parking above a free month’s rent or free wi-fi. So if you have the space, it’s worth offering it as a tempting extra.
So you’ve got your rental property looking great and prospective tenants are flocking to view it. That’s fantastic! You can make sure your investment’s protected with comprehensive insurance designed for landlords like you. Visit our residential landlord insurance page to find out more.
