Whether you’re a professional property investor or a homeowner who’s thinking of renting out their property, the number one rule for earning an income while renting out property is to attract as much tenant interest as possible. So how do you do this? If you’re in the process of renting out a property and want to make sure you find and keep the best tenant possible, take a look at these handy tips.
Identify Your Target Tenants Wants
Understanding your target tenant and their needs and wants is key to attracting the right amount of tenant interest. By doing this, you can tailor your property to certain tenant types more closely, and introduce qualities that you know will drive more demand. One great example would be if you were renting your property out to a young professional tenant. Aside from being well located with useful transport links nearby, young professionals tend to favour properties with modern, minimal decor so that they can move into a property straight away but also put their own stamp on with furniture pieces or accessories.
If you don’t already own the property and are looking to invest in an apartment within a development, you would also want to keep an eye out for developments with luxurious amenities such as onsite gyms or cinema rooms. One upcoming development that fits these criteria is Parliament Square in Liverpool, which is being developed by Legacie and sold by RWinvest. Parliament Square will feature a stunning rooftop pool and spa for tenants to use, with breathtaking city centre views. These kind of developments are all the rage in the UK right now, and are perfect for those looking to attract the most high-paying and desirable tenants.
Think About the Current Market
In the midst of the Covid-19 pandemic, there are certain things that tenants are seeking from rental properties – more so than they may have done in the past. For instance, with the rise of people looking to work from home, having high-speed internet access and dedicated office space within the home has become a necessity. If your rental property doesn’t currently have an office or a desk area, you should definitely consider implementing this if you want to boost tenant interest.
For those who own a smaller studio-style apartment, this may be more tricky. There are, however, some clever ways you can introduce an office space into a smaller property. Start by finding the perfect desk, which is compact enough to not take up too much space, but also spacious enough to fit items like a laptop, PC monitor, keyboard and mouse. You can also find stylish desk chairs that aren’t as bulky as the typical office chair, with colours and designs that will match any existing decor. Once you have the right office furniture, you need to find a good spot for it to go. In smaller spaces, it’s important to place the desk next to a wall or in a corner so that as little space is taken up as possible. Creating a home office space near a window is also ideal, offering some mood-boosting daylight for your tenant, and is sure to generate plenty of rental interest for your property.
Be Available to Your Tenants
Once you’ve found a tenant for your property, you’re going to want to keep them living there for as long as possible. That’s where your attitude as a landlord or property investor can help. If you’ve chosen to be a more hands-on landlord, and aren’t using a property management company to manage your rental property, be sure to remain available to your tenants. This means responding to any text messages or phone calls from tenants with questions or concerns and acting quickly to get any issues resolved as soon as possible. It also helps to treat your tenants with respect and keep up a friendly rapport.