Friday, March 22, 2019

How to make your rental property appeal to your target tenant

The rental market across the UK is extremely strong and is gaining in popularity at an alarming rate. In order to cater to the rising demands, developers are committing themselves to provide properties around each major city throughout the country. With an increase in property comes an increase in investors looking for opportunities to capitalise on the flourishing market.

Now people are becoming long term renters more than ever before as the cost of living hasbecome unaffordable for many. As home ownership feels out of reach, people are resorting to renting property to make it into their home. There are several ways in which you can make a lucrative business out of investing in property, but one of the main concerns is how to make it speak to your target tenants to ensure it is always occupied, producing steady returns.

High-quality kitchen

Kitchens are often regarded as the heart of the house, so it is important to make this an attractive feature to entice prospective tenants. Having a high-quality kitchen in your rental property is appealing as it needs to be able to last the tenant’s full duration, therefore, needs to be long-lasting and durable. Tenants feel reluctant to fork out their own money to purchase white goods, so often it pays to integrate them into your kitchen design as it is one less expense for a tenant to worry about. If you choose to include white goods it may be worth making sure that they are still under warranty.Utilise features in the kitchen that use a low amount of energy for the eco-conscious tenants, as well as being easy to maintain and clean. A new kitchen has the potential to really add value and appeal to your property.

Premium features and amenities

The expectations of rental properties have increased over the years as people are demanding more from their home. Features like on-site coffee shops, communal gardens, beautiful city views and cleaning servicesare desired by the 21st-century tenant, therefore, more and more property investment companies are offering services like these. The latest launch from RW Invest showcases a centralised public piazza as well as a concierge service and underground car parking for its residents, this is in keeping with high demands set by the tenants of today.

Smart efficient homes

The rise of technology has entered its way into the property market too, therefore, tenants are expecting to have the latest technology throughout their home. If you are looking to give your property that extra edge, then consider making some smart upgrades to your property. Fast internet connections are essential if you wish to appeal to the student market as well as being one of the many features that help to keep void periods to a minimum. Energy efficient appliances and fixtures like fitting LED lightbulbs, installing smart metres and adding insulation are another major pull for future tenants as it saves the money on their household bills and creates a more eco-friendly environment in the process.

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