There is currently a huge demand for rental property in the UK and rents are rising across the country. It is the perfect time to invest in buy to let property and landlords can look forward to significant yields as well as potential capital appreciation in the future. If you’re wanting to make a little bit more out of your property, there are ways that you can increase its appeal to tenants and therefore increase your monthly rental rate. The highly competitive rental market is crying out for high quality accommodation that savvy landlords can capitalise on.
Modern Neutral Design
Though this may seem common sense for many landlords, it is an important point to make. Tenants are looking for somewhere they can put their own stamp on and picture themselves living. Bold décor and personal touches can make it harder for renters to imagine this. It is also important to choose modern and stylish furniture, fixtures and fittings. Make sure you get rid of unnecessary clutter that can make the space feel smaller but use furniture and accessories to suggest how the space could be used, like a book on a shelf or coffee table. Keeping to a neutral colour palette makes the property feel light and airy as well as giving tenants a blank canvas they can work with.
Promote the Unique Benefits
It is important to make potential tenants aware of the unique benefits of your property compared to others on the market. If your property is a close walk to a university and you’re looking for student tenants, make sure this is stressed everywhere you are marketing the property. If your property is a new build which hasn’t had any tenants in before, this is a great selling point to tenants and is important to highlight. Transport links are another benefit for future tenants and pointing out the nearest stations, bus stops, metro links or airports can be the difference between choosing your property over another. In a recent survey, affordability was the most important factor when choosing a property for 44% of tenants but transport links was a close second with 35% of tenants saying this was a key priority.
High Quality Finish
In a highly competitive market it is important that your property is up to date and high quality. If you’re looking for tenants who will pay extra and take pride in the property, then it makes sense that you do too. Though investing in designer furniture packs or high spec bathrooms might add to your initial costs, these features often pay themselves off quickly, with the increased rent that can be charged. New build properties like those by RW Invest are designed specifically for rental appeal, and they are a great choice for high end properties that tenants love. You will also find that higher quality materials and finishes are far more hardwearing, which allows you to save in the long term on updating and replacing things in the property.
Cater for Your Ideal Tenants Needs
Using simple thoughtful touches that tell your tenant that this is a perfect place for them is an effective way to increase your property’s appeal. If you are looking for tenants who are busy working professionals, then a coffee machine could be a great addition. If you’ve got student tenants in mind, then providing a desk for their studies is a good option too. Thinking about your ideal renter is the best way to make your buy to let property appeal to tenants and making sure your property is a cut above the rest is well worth it in terms of increasing rental rates.