8 Ways to Make Your Rental Property Even More Attractive to Tenants
Published on August 31, 2022 by Sarah Mac
In times of economic difficulties, attracting the right tenants for your rental property and commanding a fair rent can be a challenge. But there are plenty of things you can do to make your property even more appealing to tenants so that you can avoid those costly, profit draining void periods and make your rental stand out in the crowd.
1. Work from home space
With the surge in working from home following the pandemic, many people are looking for a work space to call their own at home. A dedicated work zone makes life so much easier, rather than having to share space in a busy kitchen, cram into a corner or commandeer the conservatory.
Whether you convert a nook into a working area with a built-in desk, or add a space saving pull down desk into a spare room, you will instantly add more appeal to your rental.
2. Energy saving measures
Most renters these days are millennials, a demographic that’s hot on the environment and sustainability. So if you are able to install anything along energy saving lines within your rental, you’ll immediately appeal to this group.
Solar panels, energy efficient lighting, low consumption appliances and sustainable heating are all big pulls in this respect, as is a well-insulated property. Investing in energy saving measures isn’t just beneficial for tenants, it will save you money as a landlord too.
3. Furniture and appliances
Cash-strapped tenants will always be grateful if they don’t have to invest their hard earned savings into furnishing their new rental. A furnished property, complete with appliances such as a fridge freezer and washing machine, will be an instant magnet for renters.
Naturally you’ll need to factor in an allowance for wear and tear and eventual replacement, but on balance, if you’re appealing to a grateful audience, and preventing costly void periods, then it’s got to work in your favour.
4. Open plan living
Everyone loves open plan living these days. If you want to instantly appeal to today’s renters, think about creating an open plan kitchen/living space by knocking through separate rooms.
The kitchen is the hub of the home, and for sociable types, the open plan kitchen/diner/lounge is a major plus point when looking for somewhere to rent long term.
5. Plenty of storage space
Everyone loves storage space. It means less clutter and a better quality of everyday living. Clever use of unused space can create convenient storage.
Floor to ceiling fitted wardrobes and cupboards are a bonus, and even a few shelves will always be appreciated. If you can stretch to boarding out the loft, all the better, and the addition of a garden shed will go down well too.
6. Decent outdoor space
Usable outdoor space is something tenants are increasingly on the lookout for, especially families. With the increased scope for entertainment, leisure and even growing your own, your rental property becomes all the more desirable.
It doesn’t have to be anything extravagant. Even a simple easy maintenance decked area or a paved patio with table and chairs will provide a welcome outdoor retreat.
7. Safeguard with security
A property where tenants can feel safe in their home will always be appealing. Kitting out your rental with security features such as an intruder alarm, CCTV and outdoor lighting will always be appreciated, and it could work in your favour in terms of reduced landlord insurance premiums too.
8. Go pet friendly
In 2020, only 7% of landlords advertised their property as suitable for pets. It’s clearly not easy for people to find somewhere to rent that welcomes pets, so if you can offer a pet friendly property, you’ll definitely stand out in the crowd.
The government’s model tenancy agreement has been updated to allow tenants to keep pets by default, whilst the newly proposed Pet Protection Bill is awaiting Parliament approval.
The Renters Reform Bill white paper has also announced changes that will make it more straightforward for tenants to keep pets, including giving tenants the right to request a pet and allowing pet insurance as a permitted tenant payment.
So, going pet friendly with your rental property could put you ahead of the game.
Creating appeal for today’s renters
Adopting some or even all of these suggestions will go some way towards making your rental property stand out in the crowd and making it attractive to good, long term tenants.
Top tip: Once you’ve invested in making your rental property more appealing to tenants, be sure to keep a close eye on how it’s being taken care of courtesy of regular mid-term inspections.