In the latest report from Zoopla, there has been a sharp rise in rental demand in central city markets as people return to city life with business’ opening again. This surge in demand has seen average rent rise 5% across the UK in the last 12 months, the biggest increase since 2008. Signalling a swing of the pendulum from last year when the demand in the market shifted to rural areas because of more people moving back home during the pandemic. However, now the city centres are regaining much popularity. But what is it that tenants prioritise most when searching for their next rental property?
Since the pandemic has forced a vast majority of the workforce to be working from home. There has been a surge in demand across the UK for more space/ livable amenities onsite to provide an enhanced living experience. Tenants report that when searching for places, it is key to have a livable community onsite with access to amenities such as a gym, yoga studios, co-working space. Courtyards or rooftop terraces prove popular when promoting outdoor space. This allows tenants to enjoy the use of the facilities on their doorstep. As many workers now may adopt a split work schedule between the office and home, we have seen these amenities become a top priority.
Areas outside of the city centre have become popular with potential tenants as they look to seek more space and the opportunity to live in more commutable areas. These offer more bang for your buck and the option to escape the city life when not in the office. This is clear as cities such as Manchester and Liverpool are now seeing similar effects of London in the commuter belt. Areas outside of the city centre, such as Salford Quays and Liverpool Docks, have been regenerated and offer a higher standard of living in comparison.
Nobody wants to spend an hour searching for a parking space, but sadly, this is a familiar reality for many occupants in the city. Parking can become a headache no one wants after a day at work. If your property is in an urban neighborhood, then having a parking space for your tenants could be the deciding factor between renting or not. Parking is an important consideration for anyone with a car and in the more commutable areas, this may be easy to find. Often, though, options can be limited. So providing your tenant with alternatives is key to renting out your property successfully. Either get the right location near to public transport links so that there is no need for parking alternatively bike racks or storage space for bikes scooters etc will help offer your tenants the options they need.
4. Clean & well maintained
Repairs and maintenance issues are time-consuming and extremely annoying for tenants. It is vital to ensure that upon inspection of the premises; it is ready to move in and livable to the expected standard of a tenant. This will help to rent out your property much faster and ideally get the desired rent you require. Also, it sets a standard that the tenants should see and live up to. If they move into a dirty and broken unit, then they could feel that they shouldn’t treat it with the respect you expect as a landlord.
Safety links nicely to the location of a property that attracts tenants. The community that surrounds the property will have a major impact on the type of tenant you attract and how safe they will feel. Alarm systems or developments that come with 24/7 security and concierge services help attract tenants because they will feel safe at home. Do the research beforehand and check crime statistics to get an idea of where the property is. Alternatively, if you already have a rental property, there are several efficient security systems out there to help protect your tenant’s safety.
6. Space and Light
A property that is well light and spacious will be much more appealing than those that are cramped and dark. When searching for a buy to let investment, landlords should take the time to appreciate that units with a lot of natural light will be much more appealing to potential tenants. Modern architects take this into account these days with new builds providing floor to ceiling windows and designing the property in the most efficient way. An outdoor area in the property will go a long way, even if it’s just a small balcony or a place to enjoy the sun and fresh air, helping to boost the price of your rental property.
As many renters won’t have the white goods already to bring with them. A property that comes with essential appliances such as cooker, fridge, and a washing machine adds essential value when tenants are searching because of the ease and move in ability the property now offers. In many new build developments they will have these essentials built in however if not it would be worth putting your own white goods in as a landlord in order to get achieve a higher rent for the property.
Those considering buying a buy to let investment should consider these features that tenants look for in a rental property when searching for their rental investment.
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