The private rental sector is strong and demand is high. There are plenty
of tenants out there looking for their next rental.
As well as high demand there is also a lot of competition among landlords. To rise
above the crowd, you need your property to stand out and offer tenants
what they want. This is quite obvious really, but what exactly are tenants
looking for in a rental?
1 - Garden....or not?
Like several of the factors we're going to discuss the presence or
absence of
a garden can be a positive or negative depending on the type of tenant
you're hoping to attract. If you're looking to rent to families a garden or
outside space will be a big attraction. But if you're targeting young
professionals a garden won't be so important. They’re unlikely to want to
maintain a garden though a patio or decking for a barbeque will be a big
selling point to any tenant.
2 - Transport links
Hugely important. Bus, train or metro links are essential for those
without transport for access to work or university. Rentals without these links
will struggle to attract any tenants who aren't car owners. Good transport
links are especially valuable to young people in further education so landlords
considering moving into the student market should prioritise local transport.
3 - Parking
Many urban areas suffer from a chronic lack of parking. A rental with
its own drive or designated parking space will be a massive attraction. Most
families now have at least one if not two cars so being able to provide parking
with your property will be a big win.
4 - Schools
If you're renting to families being in the catchment area of a good
school will be a massive selling point. It seems to be more difficult than ever
for parents to place children in schools unless they live locally. If your
rental is close to a school make sure you shout about it when you advertise your property to
let.
5 - Storage
Plenty of storage is always a plus for tenants. Especially for younger renters.
They want wardrobe and cupboard space but urban properties will also benefit
from additional storage for bicycles. Usable loft storage in a family home will
also be welcome.
6 - Pets welcome
Not all landlords will welcome pets. But those who do will often find
they're able to charge a premium rent. Dog owners especially appreciate pet
friendly landlords and they tend to make good tenants who stay longer and
pay their rent on time.
7 - Fast broadband
Providing broadband will be a big winner if you're renting to young
professionals or students. Including Wi-Fi as a package with the rent will help
your property stand out from the crowd.
8 - Good quality appliances and white goods
Every tenant will expect their rental to have white goods. Certainly an
oven and fridge should be the minimum any landlord provides. But prices are so low
nowadays it's possible to go the extra mile by providing higher spec
appliances. Also consider adding extras such as a microwave, dishwasher or
fridge-freezer. A washing machine will be especially welcome as it'll save
tenants having to find one of the ever-dwindling number of laundrettes.
9 - Local facilities and amenities
Neighbourhood leisure and shopping facilities are something many tenants
will consider when looking at a rental. A nearby supermarket will be an
attraction though younger people will probably be more interested in local bars
and nightlife.
10 - Security
Security, or the lack of it, is a big concern for many tenants. Thieves
tend to target areas with high concentrations of rented accommodation. Providing
security
measures such as extra locks, floodlighting and even CCTV will be a huge
attraction for tenants.
The amount of rent is obviously important. When searching for a
property tenants will have a budget in mind. But many will be happy to go to
the top end of their budget if the rental fits all their criteria. Similarly, a
tenant will often opt to pay a higher rent when choosing between two properties
if one meets more of their criteria.
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Screening of tenants is one of the most effective ways to increase profitability by saving you time and money. The pre-viewing screening will present you with a shortlist of the best tenants. You can then go ahead and schedule viewings.
