If you’re a landlord and you’re getting ready to let a property, it’s very useful to know what tenants are looking for and what is at the top of their agendas when searching for a new home.
Of course, no two tenants are the same, but a new study by Landbay, has attempted to highlight some of the common factors that appeal to renters in general, after asking around 2,000 private renters in the UK what was most important to them.
So… let’s count down!
5. Property’s decor
Tenants want a property to be modern and move-in ready. Keeping it simple with neutral colours is key here and it is usually best for landlords to steer clear of adding their own personality into the property too much– a tenant wants to live in their home, not yours!!
Magnolia walls and Brown carpets - although the staple diet for lots of landlords over the past decade, this is now definitely out and instantly/negatively dates a property. The majority of tenants are now looking for subtle greys to provide their ‘blank canvas’ and match modern day contemporary furnishings.
Recently renovated kitchens and bathrooms appeal to prospective tenants across the board, but whether brand new fixtures and fittings or just a professionally cleaned/decorated with a new coat of paint. The reduction in costs of integrated appliances has seen an upswing in the number of properties being provided with white goods included and this has led to the expectation of incoming tenancies in almost all cases.
4. Off Street Parking
Even if the tenants do not have a car to park at the point of viewing the property, in situations where on-street parking is difficult, or where they are expected to pay an annual fee to park their car, then this can be a huge deterrent. This gives Landlords the opportunity to maximise rental yield by securing a form of parking with the property.
Outdoor space is always a highly desirable feature of any property, particularly if you’re renting to families or if your property is in a city.
A property with a garden, yard, terrace or even a balcony will be instantly more desirable. Once you invest in a property, make sure you put time and money into making the outdoor space look presentable to prospective tenants.
According to the research, Parents (15%) are more than twice as likely to prioritise a garden compared to non-parents (7%.)
A property that is unfurnished ranks second, with 12% of renters saying this is the most desirable attribute. Perhaps tellingly, renters aged 55 and above (22%) are five times more likely to consider an unfurnished property as crucially important than those aged between 18 and 34 (4%.)
Many tenants already have their own furniture, such as dining tables, chairs, beds etc. that they want to bring with them when they move into a new property. Offering a property that is already fully furnished can mean there is no room for their own furniture.
1. Pet Friendly
The study found that a home being pet-friendly is the most desirable attribute in a rental property, according to estimates, around 45% of the UK population own a pet of some description or has aspirations to do so. That makes for a lot of renters looking for a pet-friendly home!
Allowing your rental property to be pet friendly opens doors to so many more opportunities/tenancies who could be just perfect for your property! There is also a common misconception that the ‘No Pets’ automatically means No Pets, whereas some landlords feel less restrictive about different types of animals such as fish/rabbits/budgies etc.
In conclusion, we can see from the results that tenants want to make their property feel like home by bringing both pets and their own furniture with them!
When landlords know what renters want, and can provide this, it can make for a happier, relationship which benefits both parties in the long run.
Belvoir are abreast of property trends, tenant behaviour patterns and everything rent related! Let us let for you, and help you get the perfect tenants moved into your property!