All landlords hope to find their ideal tenant quickly, but knowing what tenants want in a rental property goes a long way in not only choosing a future buy to let opportunity, but the tailoring of your rental opportunity to aspiring tenants.
What People Look For in a Rental Property?
It goes without saying that it is crucial for all rental property owners to understand what renters are looking for in their next home; regardless of if you’re looking to expand your portfolio or realign your marketing efforts, here are our things tenants look for in a rental property.
Outdoor Spaces
The significance of tenants’ desire for more green space was highlighted over the lockdown period with the exodus of renters from major cities in search of more rural surroundings. With this being said green space isn’t just appealing to city professionals looking for an escape, but families hoping to have some outdoor surrounding for their children. Recent surveys have repeatedly shown gardens and living close to green spaces regularly appearing within the top three sought after rental property features.
Parking
For many that commute to work in their own car, as can be expected having sufficient parking is essential. Tenants that are able to park their vehicle on the grounds of the rental property will often see this as significantly more secure and far cheaper than the alternatives, allowing landlords to command an increased rental price for this commodity.
Storage Space
Whilst storage space may be sometimes overlooked, it goes without saying it is an essential commodity for owners, looking to let to families, or those looking to let for longer periods. Landlords should endeavour to capitalise on any dead space within their rental property, providing storage solutions to their occupants, adding cupboards, effectively using any attic space and potentially adding a shed in any outdoor areas.
Pet Friendly Rental
Although in recent years the number of households that own pets has skyrocketed, the number of pet-friendly rentals seen across the UK has dwindled, with a mere 7% of landlords opening their doors to pets in 2020. This alleged response to the tenant fees act has made it difficult for many to rent alongside their furry friends, with many rental property owners maintaining a blanket ban on pets across their entire portfolio.
However, with the introduction of the new model tenancy agreement from the UK government, renting with pets is on the rise. This is because the reforms prevent landlords from issuing a blanket ban on pets within their properties, instead allowing them to lodge an objection if they have a legitimate reason the pet should not be in the rental.
Public Transport Nearby
It goes without saying that for many renters typically young professionals and full-time students, being situated close to public transport links is hugely appealing. Whilst this will of course vary drastically, hinging on the location of your rental property, highlighting any nearby train or bus routes, alongside major roads will make the opportunity all the more appealing to prospective tenants.
Security
Rightfully, tenants will want assurances that the rental property being offered is a safe and secure environment for them to live in. Whilst this somewhat plays into the location of the rental property, encouraging landlords to research local crime statistics before rushing into a buy to let mortgage, landlords can make the occupants of their property feel more secure with a few simple measures. Adding security cameras, burglar alarms and locks are effective, cost-efficient ways owners are not only able to secure their rental property, but make the opportunity more appealing to prospective tenants.
A Fast Internet Connection
Whilst this may be more difficult for landlords than possess property in a more rural setting, for remote workers and full-time students alike a high-speed internet connection is of a high priority when searching for a new home.
What Are Three Things You Must Have In Your Rental Property?
Even when offering aspiring tenants an unfurnished rental opportunity, landlords will still be required to provide the occupants of their property with some features, and cannot be completely bare. When choosing to offer an unfurnished let landlords must provide the typical fixtures seen across bathrooms and kitchens such as fridges, freezers, sinks, washing machines, ovens and cabinets, alongside basic furnishings such as carpets and curtains or blinds.
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