If you own a buy to let property, one of your biggest concerns is likely to be whether or not you’ll see a lot of tenant demand. Without this, you can end up losing out on rental income, so it’s important to do everything you can to attract tenants and avoid void periods. Here are a few of the most popular things that tenants look for in a rental property.
A good location
For a lot of tenants, location is the number one factor. Tenants from all different age groups find the location of their rental property important, looking for properties that are located close to transport links, and local attractions. For some tenants, like young professionals, a city centre location is highly sought-after, allowing them to walk to and from their workplace. Other tenants such as families, on the other hand, tend to prefer to live away from the city centre. Instead, these type of tenants look for properties in quieter residential areas — perhaps those that are close to local parks and schools.
For property investment companies launching new developments, location is key. Companies like RW Invest focus on offering investment opportunities in the most attractive areas as this ensures they can make more money on their property investments through better rental yields and increased tenant demand. This company’s properties span across the most desirable neighbourhoods in Liverpool and Manchester, attracting a whole host of tenants.
Aside from location, many tenants also concentrate on finding properties with certain amenities and features. Some of the most popular amenities that are deemed desirable in a rental property include high-speed internet, off-street parking, and outdoor space such as a garden, yard, or balcony. Renters want to have the most comfortable experience possible during their tenancy, so anything that makes your property stand out against the competition is a big bonus.
Much like the location, different tenant types may be more drawn to different amenities. Students, for instance, are likely to appreciate high-speed internet as they spend a lot of time working on projects from their accommodation. Other tenants like young professionals will be interested in high-speed internet too, but will also favour properties that have outdoor space and off-road parking. Other amenities like extra storage space and modern, high-end kitchens and bathrooms equipped with white goods can also help your property stand out.
Another thing that tenants find important in a rental property is space. Large and spacious properties always stand out, particularly to tenants with families. Bigger rooms tend to feel brighter and more open, along with providing more space for entertaining.
If your property is on the smaller side, you can still achieve the appearance of space with some simple tweaks. Adjust your window decorations to let in as much natural light as possible, and if you haven’t already, paint the walls in a light neutral shade like white or cream. If you’re offering the property furnished, then opt for more minimal furniture which folds out or has hidden storage space. Other hacks like using a clever placement of mirrors will also help give the illusion of more space in your property.