CheckedInn Properties Boast Top 5 Things Tenants Want
Rental income is shrinking for the first time in a decade, according to Hamptons International. Tenants paid less in 2018 than in 2017 and this situation remained unchanged in 2019 and is even worse in 2020 due to global events.
So, how can you safeguard your rental investments? This time we are here to give you the top 5 factors that tenants look for when they are looking to rent a property. Read on to find out what you should be doing in 2021.
The private rental market has grown exponentially in the last decade, so to stand out from the crowd there are a few things you should be doing.
1. Clean and well-maintained
It might well be stating the obvious, but this is a factor that is so significant that it is sometimes overlooked. Not only should you keep your rental property clean, you should also keep it in a good state of repair. “A tired kitchen could greatly depreciate the amount you can feasibly charge for rent.”
2. Convenient location
Remember to sing the praises of any major landmarks, companies, train stations, or schools.
Prospective tenants want to know where all sorts of places are, so make sure you consider the area that surrounds your property thoroughly when you are writing up the advertisement. What someone will be interested in having nearby, might not be the same as you.
3. Safe and secure
Alongside having a location in a convenient location for work, school or the shops, having a property that is safe and secure is vital for renters.
There are all sorts of things that renters will consider in terms of the safety of themselves, their family and their possessions.
From private locked, underground parking to a burglar alarm and carbon monoxide alarms, go around your property considering what you could do to add to the safety of your tenants.
32% of renters asked in a survey conducted by Cover4LetProperty said that they were looking for somewhere that was pet-friendly.
This makes it well-worth rethinking if you had previously not allowed pets. To off-set the potential damage that pets can cause, you can increase the deposit.
The other factor that renters think long and hard about is their budget. As a landlord, it is a difficult task knowing how to price your property.
If you charge too much, you will put off renters, if you don’t charge enough, you can put off prospective renters. As such, think long and hard about what you expect to charge per month. Do your research.
Look at the prices being charged by similar properties in the same postcode. Finally, think about other ways that you can make yourself financially attractive to renters. Rather than reviewing and increasing your monthly rent sum every year, think about writing a contract that covers a few years if you have been working with the same tenants for a couple of years already.
CheckedInn are here to help you find tenants. We specialise in finding short or medium-term accommodation for people relocating for work or study.
Get in touch to find out what we can do for you on 01223 423334.