When it comes to finding a top tenant, it pays to know their needs. From families in four-beds to young professionals in city flats, a recent AXA survey* set out to discover the reasons renters chose their current property.
Now it’s time to break down the results and work out how landlords can use them to their advantage.
Price
As demand for rental properties continues to rise, this could cause renters to worry about costs. And in our survey, 45% of respondents said that price was among the top reasons they chose their current property: suggesting that plenty feel they've bagged a bargain.
Make sure tenants feel they're getting value for money by highlighting the right features when you advertise your property. Be honest and deliver on your promises when the tenants move in. A premium home with period features and great views could be excellent value even if the rent is above average for the area, but even below-average rents won't feel like a bargain if a tenant thinks they haven't got what was advertised.
Local amenities
35% of people we surveyed said that nearby shops and other amenities were the deciding factor for them, so it pays to paint a picture of the lifestyle that comes with the property and help your tenants make the most of an area.
Be sure to highlight local schools, nurseries and activities to families. If you're talking to students and young professionals, nearby shops, bars and restaurants are more likely to appeal.
Travel and transport
25% of respondents told us that the distance between their home and their workplace was a deal breaker. While you can't relocate the property, you can maximise its appeal to commuters.
Cleaning up a garage and driveway will encourage people who use their cars every day, and features like outdoor taps and plug sockets are worth highlighting. Local bus, train and tube stations are also useful features to point out, but cycling is increasingly popular so don't forget about pathways and bike routes.
Space
While you may not be able to increase the number of bedrooms, there's plenty more that can be done to encourage and excite potential tenants about your space. 15% of people told us that gardens were important, which means any pleasant, usable outdoor space should be emphasised. Another 7% valued a good kitchen, and 4% an attractive bathroom – so those small fixtures and fittings could make a big difference.
Optional extras is another way to make your property stand out, both to prospective and current tenants. For example, hiring a cleaner or gardener to keep things pristine could mean the difference between average and premium rents, or indifferent tenants and ecstatic ones.
A good landlord
Last, but by no means least, 16% of UK renters told us that their landlord made the difference when it came to choosing a property.
Ultimately, this is about having a trusting relationship in which the tenant protects your investment and you look after their accommodation. Communicating effectively is important, and dealing with issues promptly will help.
And of course, having residential landlord insurance in place to cover costs and house tenants in the event of an emergency is a good way to cope with any bumps along the way.
*AXA survey of 1000 tenants living in Great Britain, conducted in July 2016
