As per the latest survey conducted by the market professionals and estate agents in Maidstone, the private rental sector accounts for a huge part (4.4 million and 19% of all households) of the housing sector in the UK. It is a useful measure of the various types of people who are going to be on the lookout for rental properties. Landlords will get a clear idea of what kind of tenants they would want to target. If we take an example, the number of people belonging to the age group 25-34 living in rented accommodations has jumped up from 19% to 46% in the last decade. If we look at the same age demographic, the number of property occupiers has fallen from 57% to 37% over the same time period.
With these things in mind, we have seven tips that will help you to maximise property rental listings and find the most suitable tenants:
- Offer people something that is extra
No matter who rents your property out to families, single couples or students, landlords offering some extra benefits such as something as simple as an internet connection will work in your favour. Your tenants will be happy to pay a little extra for the extra benefits. The key here is to decide who will be your ideal tenant and what kind of benefit will be the most attractive for them. So do your market research accordingly and make the best deal out of it.
- Furniture or unfurnished accommodation
Renting a flat that is fully furnished may not be ideal for everyone, but for the tenants who are living overseas or for students or first-time home renters might just need a fully furnished accommodation so that they can just move in. there are also added bonus to such a setting as long as it is not a property rented out for holidays- you will be able to claim tax relief on any cost that comes your way for the disposal of or replacement of any kind of furnishing, kitchenware or appliances. You will also be able to claim the expenses of general maintenance and the repairs required in a property along with the cost of employing a gardener and a cleaner.
In case your property is close to any educational institute such as a college or a university, your first target will be students. If you are living in a neighbourhood that already has plenty of student accommodations, then you may choose your target audience to be professors and lecturers or postgraduates, which will fetch you a higher rental income.
- Make sure that your property is in pristine condition
No matter who your target population is, you need to make sure that your property is undergoing thorough cleaning after a previous rental leave followed by a fresh coat of paint. Any tenant looking for a home will always choose a clear and bright and fresh property over a damp, smelly and old-looking property, they will always choose the former option and not the latter.
When you are revamping your property, do not focus too much on decoration. Instead, go for a neutral shade when choosing a colour scheme, and this will appeal more to tenants as they will be able to decorate the place as per their own taste and style. A neutral shade is like a neutral palette for your tenants to set up their new homes.
- Tend your garden
Properties that are meant for families and professionals, a well-tended garden will be a great source of appeal. Any outdoor space meant for entertainment like a decking area, will give your property a good appeal. You can employ a gardener and then claim the expenses against the rental agreement.
- Kitchens and bathrooms
A kitchen and a bathroom are the most important rooms in any apartment or house and they can lead to an easy sale or a hard turn-off. You will be thanking us later
- Invest in landlord insurance
By investing in landlord insurance, you will be able to protect your property against any perils, theft or malicious damage.
We hope this blog helped you with new ideas to increase your tenancy options and maximise the property rentals.