Understanding what tenants want is essential for landlords. What are the features of a property that tenants are most interested in? When buying a buy-to-let property, what should landlords consider first? Is there anything that discourages tenants?
It can be difficult for landlords to understand exactly what renters are seeking, while tenants may have difficulty finding a property that meets their requirements. The purpose of this article is to examine what tenants look for in a rental property and what landlords can do in order to attract tenants to their properties.
Location
Renters place a high priority on location. As well as proximity to their workplace, most people want to be close to local shops, amenities, and transportation links.
The location of a rental property is not changeable if you already have one. Nevertheless, landlords should take into account the location and type of tenants that would be attracted to a particular buy-to-let property when considering the purchase of such a property.
It is important for tenants to live close to local amenities. Especially if they are unable to drive and there are limited transportation options. Families place a high priority on proximity to a supermarket, a doctor, a pharmacy, and other shops, as well as school catchment areas.
It is important for landlords to include all nearby amenities in the property advertisement description since location is a major deciding factor for tenants.
Safety and Security
Tenants want to feel safe in their homes. The majority of people would not choose to rent a property in an area with a high crime rate, so location and safety are often closely related.
Along with the crime rate in the area, renters look for a working security system with alarms and sturdy locks on windows and doors. It is therefore imperative for landlords to ensure that their rental properties are equipped with a working security system.
Sufficient Storage
There are an increasing number of long-term tenants, so things like storage become increasingly important as tenants move from property to property with an increasing amount of ‘stuff’. Despite your current layout leaving a little to be desired in terms of storage space, it is still possible to supply a solution to this problem.
By investing a little time (and possibly cash) you can transform your property and display the storage space as one of your ‘selling points’.
Natural Lighting
Natural lighting can greatly enhance the appearance of a room. In addition to providing a feeling of spaciousness and openness, large windows and plenty of natural light increase the appeal of a property to tenants.
This is something that buy-to-let investors should keep in mind since many modern properties are designed to maximize the available lighting. Advertisers should ensure that the photos they use on their advertisements incorporate natural lighting.
Pet Friendly
Due to the fact that many tenants are seeking longer tenancies, pets have become a more prominent topic in the discussion. There are pros and cons to allowing your tenants to keep pets, but it is important to bear in mind that this can be a deal breaker for many.
Age and condition
In general, tenants expect rental properties to be both clean and functional. An older property will be in good condition due to its age, while a newly constructed property will feature the latest design features and comforts.
Many tenants are considering renting a property with the intention of living there for a year or two, so convenience and functionality are of paramount importance.
A property’s age and condition are critical factors if you wish to achieve the highest possible return on your investment.
Outdoor Space
A tenant who has access to outdoor space will be able to take advantage of the sunshine during the warmer months, host outdoor gatherings for their family and friends, and have access to yet another area where they can relax. The pandemic has resulted in an increased demand for outdoor space since people were confined to their homes for such a long period of time.It is beneficial to update and improve the garden if the property has one in order to attract more prospective tenants. This shows tenants that the landlord cares about the property and is willing to make changes. It also can increase the value of the property.
Internet Speed
Tenants often enjoy having their own outdoor space, whether it be a garden, a balcony, or a patio. It is not uncommon for tenants, especially those with young children, to be attracted to a rental property located near a local park if neither of those options is feasible.
Since many people now work from home for at least part of the week, internet speed is an important consideration.
Investors should carefully research local internet speeds if they are considering a property in a remote area or perhaps a vacation home, since a property in a city center will have access to a fast internet connection.
Transport Links
There is a great deal of interest in transport links among tenants, especially students and commuters. Transport links in your area cannot be changed, but you can certainly highlight them in your property advertisement. When considering the purchase of a buy-to-let property, transport links, as well as the general location, should be taken into consideration. A nearby bus stop, tube station, or tram stop will attract attention, and easy access to major roads is also a plus, especially in commuter towns.
It is essential for drivers to have a designated parking space. The landlord should consider providing tenants with access to a parking space or garage if he or she has the space. Furthermore, tenants are able to remain close to their cars, which provides an additional level of security.
Fitted Appliances
In addition to the importance of keeping appliances in good working order, the newer the appliances, the better the energy rating, which means that a tenant can expect to pay lower utility costs.
It is common for tenants to consider appliances when searching for a place to live, from the oven to the washing machine.
Letter scores are assigned to all appliances, with A being the most energy-efficient and best appliance. Tenants will be more likely to rent a property with modern appliances, with good energy ratings, as opposed to one with outdated and inefficient appliances.
