What do Tenants Really Want from a Rental Property?
Landlords and letting agents are always trying to appeal to as wide a selection of renters as possible in order to fill up their properties. As part of this, you have to decide which features you will highlight in your advertising, based on what you believe tenants want from a rental property.
The trouble is that this is not an exact science, so it is fascinating to read the results whenever anyone takes a survey of renters. And, luckily, that is exactly what Hatch Interiors, who fit our build-to-rent (BTR) properties, has done. Although there is an obvious bias in the survey towards build-to-rent, the results can also help landlords and letting agents across the rental sector discover what renters prioritise and then kit out their properties accordingly.
Survey on Tenants’ Priorities
The headline from the survey is that many respondents mentioned they want an Instagrammable property. In other words, one that would look great in their selfies that they share with their friends. Hatch took this to show a preference for BTR properties, but buy-to-let landlords could easily create the same effect in their places too. From accentuating original features to creating striking feature walls, a few subtle design changes could provide that perfect backdrop for today’s young renters.
Many renters said that they desired their dream property to come with kitchenware included and many others expressed an interest in having their cleaning equipment provided for them too. Although this might seem unusual at first sight, if this is what tenants really want, it might be worth supplying these items as part of the tenancy if it means increasing the appeal when it comes to market.
Another telling request from those surveyed, which is in-keeping with the times, is that many renters wanted somewhere to work. In build-to-rent properties, this might be a communal workspace for the building’s residents to share, but it does highlight the fact that working patterns have changed. Private landlords of buy-to-lets can learn from this and attempt to make their properties as work-from-home friendly as possible.
Other Ways to Make a Rental More Appealing to Viewers
Avoid light coloured carpets in a rental. This may dissuade some viewers who fear that they will not be able to keep them clean and for good reason! Even if a renter takes a chance on your property, by the time they move out a couple of years later, those carpets will no longer look as good as they once did which makes it more difficult to impress the next tenants.
Good quality laminate in places such as kitchens and bathrooms makes a lot of sense, as it is easy to clean with very little effort. This will appeal to busy tenants who look round your property.
If you can find space to add a second bathroom to a rental property, it is advantageous to both tenant and landlord. For the tenant, it provides convenience, especially in house shares or for families. The thought of no more queueing on the landing in the morning is incredibly enticing when hunting for properties. For the landlord, it means that if there is a problem with one of the bathrooms, it is less of an emergency as the tenants still have use of another. In addition, when you come to sell, an additional bathroom adds an average 5% to the asking price.
Other features that tenants look for include plenty of natural light and storage space too, both of which can make a property more attractive on viewings.
Outsource Property Management for Your Rental Property
Now you have seen what tenants want from a rental property in terms of features, it is time to talk about how to serve them once they sign up to keep them happy. A smooth process to onboard them, followed by top class maintenance service and tenancy administration are the keys to building tenant loyalty and extending their stay. We provide that for you as part of our outsourced property management service. Call us today on 0208 5757630 to discuss how we can help you.