Several key factors consistently appeal to tenants when searching for rental properties
As the rental market expands, landlords increasingly encounter heightened competition as they seek to rent out their properties. With more landlords entering the market to capitalise on the financial benefits that renting can offer, presenting properties attractively has become crucial for securing a good rental income.
This necessitates effective marketing strategies to draw the most desirable tenants. While priorities may vary between long-term and short-term rentals, several key factors consistently appeal to tenants when searching for rental properties.
Attracting and retaining the right tenants
Location Matters
Tenants prioritise proximity to essential destinations such as workplaces, schools, and other important facilities. They generally prefer to avoid lengthy daily commutes. Transport links are vital in a property’s attractiveness, although their nature depends on its location. In urban areas, proximity to bus stops and tube or tram stations enhances a property’s appeal. Conversely, easy access to major roads is advantageous in suburban or rural locations. Moreover, nearby train stations in commuter towns significantly boost a property’s desirability.
Consider space requirements
The size of the rental property is another critical consideration for tenants. Adequate space is necessary for tenants to store their belongings and ensure comfort in their living environment. Generally, properties offering more space attract favourable attention from prospective tenants.
Amenities and convenience
Tenants seek properties equipped with essential amenities. It is important to consider the specific needs of your target tenant demographic and adapt accordingly. For instance, students may value proximity to universities or direct bus routes to them, whereas families might prioritise nearby schools. While the importance of nearby supermarkets and shopping centres has diminished due to the rise of online shopping, having a convenient corner shop nearby remains beneficial for everyday essentials.
Pet-friendly accommodations
Offering pet-friendly rentals can be a significant advantage. Even if tenants do not have pets initially, the option to accommodate pets in the future can be highly appealing. Many prospective tenants are looking for homes that will also welcome their animal companions.
The value of outdoor space
Many tenants prioritise having outdoor space, whether it be a garden, patio, or balcony. Green space is particularly vital for those with young children, offering a safe and pleasant environment for play. However, maintaining a garden can be onerous, so properties with communal gardens, where upkeep is managed by someone else, are often in high demand.
Parking is a crucial amenity
Securing parking can be significantly more challenging in urban areas. Most individuals prefer to own at least one car outside of London, and even within the capital, some choose to drive. Any form of parking, especially off-road parking, markedly increases the value of a rental property and enhances its appeal to prospective tenants.
The necessity of white goods
In today’s rental market, many tenants expect white goods to be provided as standard, particularly if they are not planning to stay long-term. For instance, students are unlikely to purchase a fridge if they intend to move out at the end of the academic year. Additionally, having appliances such as washing machines and tumble dryers can significantly boost the attractiveness of a property.
Emphasising safety and security
Tenants are keenly interested in their neighbourhood’s safety and the property’s security features. Living in a safe and secure environment is a top priority and a legal requirement for landlords. Ensuring that all security measures are up-to-date is essential. With increasing legislation imposed on the lettings industry, ensuring tenant safety in an ever-growing rental market is imperative.
Distinguishing your property from others
As a landlord, distinguishing your property from others is crucial for attracting desirable tenants. The higher the quality of the property, the higher the rent you can command, and the better the quality of tenants you will attract. Tenants generally seek out well-maintained properties in good condition and are likely to avoid homes that appear run-down.
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Whether you’re starting out or expanding your property portfolio, we’ll help you find the right buy-to-let mortgage for your needs. To find out more or to discuss your options, contact the team.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please also note: this is a long term investment which you hope will generate rental income along the way and a profit when you sell the property, but bear in mind that if you need access to some cash, a property can take time to sell or remortgage. If house prices fall, you might not be able to sell for as much as you had hoped. You would have to make up the difference if the property sold for less than you owe – a risk that increases, the higher the percentage you borrow. If you sell for a profit, you may have to pay capital gains tax. Don’t forget that with a variable rate mortgage, your costs will rise if interest rates go up. This would eat into, or even wipe out, your income and profit. It is recommended that you also maintain access to emergency funds to cover your mortgage payments during ‘void periods’ that may arise whilst you have no tenant and the property is not let.
