The key to any successful lettings investment is meeting demand from tenants. As part of our services for landlords, we offer insights into the minds of tenants and advise landlords on how to market and manage their property to get the best return on their investment.
Using data from a survey of over 20,000 tenants, we’ve turned these insights into actionable tips for landlords:
Choose your location wisely
When asked what they liked most about renting, other than the cost itself, location factors such as distance to work, attractiveness of the surrounding area and local schools were of high importance.
You can almost guarantee demand from tenants if you purchase a buy-to-let property near a good school, a business hub or transport links into London and other major cities.
Make rent affordable yet, profitable
With so many affordable properties on the market, overpricing could lead you being struck off of many tenants viewings list. For new landlords this shows the importance of getting the price right. With stiff competition within the lettings market overpricing could lead to your property remaining on the market and in the worst case increasing your void periods!
Ensure your agent adds value not voids
With the majority of tenants liking the flexibility that renting affords them, it’s important that landlords look after both their property and their tenants to encourage long term tenancies which reduce the risk of void periods and any on-going costs associated with finding new tenants.
Regular maintenance and upgrades will ensure tenants feel less inclined to move to other rented accommodation. Should tenants choose to exercise this flexibility and move on, you will receive plenty of notice (as outlined in the contract) and we’ll be able to assist you in finding new tenants quickly – this is where on-going maintenance will come in handy.
Make your house a starter home
Rental accommodation is the new starter home for generation rent. Landlords should consider this when purchasing and renovating their buy-to-let properties. Attract long term renters with properties offering garden space, two or more bedrooms and allowing them to personalise the décor making the home their own.
Keeping the property in good working order will encourage tenants to stay for longer and help landlords avoid admin costs and void periods.
For more insights into what tenants want or information about the rental market in your area, visit romans.co.uk/landlords. Alternatively you can speak to your local lettings expert on 01344 985 870.
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