Unlock your Rental Potential

Is your place ripe for rental?

Different properties attract tenants with different needs – and it follows that when it comes to getting the place ready to rent out, it’s a good idea to try and meet those needs.

We’ve picked three of the most popular tenants for landlords, and identified how you can make the most of your property so that it will stand out from the crowd.

Read on to find out how to make the best of your property and attract your dream tenants.

Students

Students look for large houses that they can share with other students to keep costs down, and it’s not unusual for a second downstairs reception room to be turned into a bedroom.

Ideally, all the rooms should be a similar size (to avoid arguments) and there are a few legal requirements that you’ll have to meet, including installing fire doors and extinguishers, and posting public notices. You can set up the tenancy on a standard, six month minimum, Assured Shorthold Tenancy (AST) agreement, and it’s also worth bearing in mind that a three storey property is likely to need a House in Multiple Occupation (HMO) licence.

Storage is one key ingredient of a good student house. The kitchen should ideally have enough storage to allow a separate cupboard for each tenant, and a decent size fridge is great if you have three or more people sharing.

If you’re decorating, robust colours are a sensible option, particularly in communal areas, and consider putting down laminate or vinyl flooring – it will last longer and the easy-clean factor will hopefully encourage tenants to keep on top of the housework.

When it comes to furnishing your student house, remember that each tenant will keep most of their belongings in their own room, so you can help here by ensuring they have adequate storage, particularly shelving, and wardrobe space. Additionally, a desk will be appreciated when essay deadlines and exams loom. And finally in today’s connected world, equipping the house with Wi-Fi that reaches into every room will be seen as a welcome bonus.

Families

With more people struggling to get on the housing ladder, the family lettings market is growing steadily, so if your place is a decent size, in a good school catchment area and blessed with a garden that doesn’t need too much attention, you might want to consider letting it.

You’d need to put most of your furniture into storage, as families tend to want unfurnished properties (although white goods in the kitchen are sought-after) and – as with student lets – there are a few legal requirements that you’ll have to meet. Again, you can organise the tenancy on a standard, six month minimum, Assured Shorthold Tenancy (AST) agreement, and you should be prepared to reassure your new tenants by undertaking any necessary repairs quickly.

You might also want to boost your property’s appeal in this market by making a few simple cosmetic changes. The bathroom and kitchen are hugely important to families, so it’s wise to concentrate your renovation budget here. A bath is a necessity for those with young children, and decorating with bathroom-specific paint will prevent undue wear and tear to a family bathroom that is likely to see a lot of use. Also, make life easier for your tenants by investing in some smart storage solutions.

The kitchen is the hub of family life, so entice tenants with helpful features and utilities. Plus a garden is a big draw for families as it offers a relaxing space for parents and a play area for children. However, it should be low-maintenance and – perhaps more importantly – well secured. Make sure fencing is properly constructed and consider filling in any ponds or water features as these can be off-putting for parents with young children.

Company lets

Tenants from this lucrative market may pay higher rental rates, but they expect a higher standard of property, and all the ‘mod cons’ that will help them to live and work locally with the minimum of effort. It’s a major bonus if your flat is located in the centre of town or close to transport links, and you’ll need to furnish the place with everything from cooking utensils to towels.

When it comes to furnishings, it’s a good idea to focus on doing the basics to an exceptional standard, as the property is likely to be an evening refuge for a busy worker. Consider comfortable, contemporary furniture and lighting features that make for a relaxed but stylish atmosphere. A nice touch is to invest in a good bed (or perhaps more importantly, a decent mattress), as a place to rest is crucial for the busy worker.

Similarly, the occupants will expect a very high quality of finishing, so you may want to consider hiring a professional painter who can ensure the slick finish that these tenants are looking for. After all, you’ll want them to stay with you for a long time to come!

If you’ve got any questions about renting out you property, our professional letting agents can help. Pop in to your local Andrews branch or give them a call.

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