The buy to let market is on fire – a Government forecast says the percentage of privately rented homes (25% of all homes) could be subject to a further rise of 15% in 10 years time. However, the soaring rent prices – up to half of a tenant’s salary – have pushed more and more tenants into sharing homes.
With such a dynamic market offering such a wide variety of options, what should landlords be focusing on in order to attract and please tenants? Here are our top 7 things landlords should not neglect if they want to succeed in the rental market.
1. Bedrooms and bathrooms – double bedrooms are the ideal solution for all sharers, and they are more appealing if they come with a private bathroom. As far as shared bathrooms are concerned, a second bathroom becomes a must if the property has more than 3 bedrooms.
2. Kitchens and reception rooms – there is a high demand for reception rooms among sharers, especially if connected to the kitchen. A separate living room and dining room would be perfect for sharers, as they are not forced to gather in the same space.
3. Dishwasher, washing machine and dryer – the demand for these home appliances is constantly increasing, especially amongst young professionals who earn decent salaries.
4. Location – This is the most crucial aspect in the renting market. Transport links have to be close (no more than a 10 minute walk!). Remember: particularly during winter, tenants tend to privilege location over the interior of a property.
5. Connectivity – nowadays, having access to an internet connection is fundamental for everyone, and vital for young people.
6. Furnishings – professional sharers expect properties to be furnished. Landlords usually tend to require an extra rent for furnished properties, compared to unfurnished ones, but furnished properties rent faster and always have a wider choice of tenants.
7. Extras – most tenants don’t expect to find extras, so having a little something to surprise them could really make the difference. It does not have to be a major improvement, even something like a fortnightly cleaner or a monthly garden service could represent a great bonus.
Having understood how to impress tenants in terms of property appeal, there are still lots of other factors a landlord should consider when renting properties. Good property management requires a great deal of commitment, organisation and the ability to effectively connect all parties involved.
Luckily, a great property management software like Arthur can help. Arthur lets landlords off the hook – it releases them from the stress of property management, encouraging them to manage properties themselves and increase their revenue. For property managers, Arthur allows them to manage a higher volume of properties and in a much more efficient way.
If you are a property manager, property owner, landlord or letting agent, your business will save time and money by using Arthur. Try out the free Arthur Demo today to see how!