Finding and retaining good tenants is key to whether you succeed as a landlord. Finding these high-quality tenants may be challenging and competitive as most landlords know what qualities make an ideal tenant. By making yourself stand out above the rest as a landlord you will boost your chances of finding the ideal tenants for your London rental.
We have compiled a list of features that will help your property stand out above the rest, giving you a higher chance of finding the perfect tenant. Whether you are investing in a new buy-to-let property or improving an existing one, here are 10 of the most sought after features tenants look for.
1. Location
Like most things, location can have a big impact on your rental. Tenants usually look for property close to their employment, school districts, and grocery stores. With these things nearby, a tenant is more willing to pay more for a great neighbourhood. Location is a big deciding factor for tenants, so landlords should include all nearby facilities and perks in the property marketing.
2. Safety and security
Every tenant wants to feel safe and secure in their home. Location and safety go hand in hand, tenants look for properties that are in low crime areas. Even in an area with a low crime rate tenants want to have reassurance. Having a working security system with alarms, CCTV, and sturdy locks on the windows and doors is important for the tenants ease of mind.
3. Outdoor space
Tenants often look for properties with outdoor spaces, whether it be a garden, patio or balcony. Having these outdoor areas allows tenants to soak up the sun in the warmer months, host outdoor celebrations and find relaxation in nature.
4. Parking
Parking is always hard to find in London, which can become frustrating and a safety issue. By ensuring a parking spot for your tenants, especially off-street parking will add value to your rental.
5. Storage space
Storage space can be a very crucial and desirable feature, especially to long term renters. Having a simple storage cupboard can go a long way to satisfy the needs of prospective tenants. Check with your contractor to see if there is any dead space in the structure of the property that can be converted to a storage unit.
6. Renovated and well maintained
Tenants want their home to be in good condition and up to date. It is important for landlords to ensure their property is in a good condition for their tenants. Upgrading small features of the property can go a long way and make a big difference to the overall look.
7. Office space
With the new work environment, hybrid or completely working from home, having a space that can become a home office will be very desirable to tenants. This space doesn’t have to be a whole room, but can be a converted space in the kitchen, living room or bedroom.
8. Pet friendly
Having a pet-friendly property opens up your prospective tenant pool. Often pet owners struggle to find properties that allow their furry friends, so therefore making provisions and allowing pets will make your property more desirable to long term renters.
Many of these features are not too difficult to provide. If you are planning on renovating or updating your rentals in the future, make sure you take into consideration what your tenants want and then design the units accordingly. Not only will your units rent out faster, your tenants will stay longer but you will be able to charge higher rent and therefore recoup your investment quicker.