PwC predicts that 7.2 million households will be in rented accommodation by 2025. So, with more people than ever looking to rent, and an increasing number of ‘To Let’ signs that once read ‘For Sale’, how can you make your property stand out in this crowded market place?
For starters, renting is no longer seen as short term. Over 20% of tenants are families, which has earned millennials the tag: Generation Rent. People now want security in the rental sector. They want a home, rather than just a stopgap. Consequently, the quality of properties is being driven up. And the cost of getting left behind? Lost revenue and higher tenant turnover.
Here’s a few things to consider in making your property a market-busting des res:
Pay attention to detail. Small improvements can make a big difference. Giving your pad a polish will help in attracting a more house proud tenant. This can be as simple as upgrading a light fitting or freshening up the kitchen with a new coat of paint.
Be green. Ensuring that appliances have a good energy efficiency rating will appeal to the 35% of prospective tenants who cite it as a major consideration.
Make the most of what you’ve got. Space is a luxury, so if you’ve got it, flaunt it. Making sure your garden is in good shape will appeal to more than a third of renters aged 18-34 who would pay more for a good outside space. Storage is also important, especially in towns and cities, where 40% of potential tenants would like a place to keep a bicycle.
Make your house a home. If your property is suitable for younger people, consider making it fully or partially furnished. More than half of potential tenants aged 18-24 prefer this option. And if you’re happy to let tenants put their own stamp on the property, you’ll also appeal to the 43% who value the opportunity to decorate.
If you’re a landlord looking to make the most of your property, you can boost your returns and minimise hassle by making it a long term prospect for the right kind of tenant – just don’t forget to review your insurance in light of any alterations. See our infographic for more information, hints and tips.