As a landlord, finding the right tenant for your property in a timely manner will always be at the front of your mind in a bid to minimise void periods. Whilst marketing your property does plenty of the legwork in diverting attention to it, it’s down to the property and the features within to secure the perfect tenant. So what is the modern tenant currently looking for and how can landlords ensure they meet this criteria?
Any seasoned property investor will know that the key to investing in the right type of property can fall down to elements such as location, environment, connectivity and facilities. Ultimately however, it is down to the tenant to decide what they are looking for in a property before they move in.
Tailoring your property to meet a tenant’s needs increases the likelihood of ideal tenants looking to move into your property. The quicker they wish to do this, the smaller your void periods become.
Research conducted by yieldit has shown a strong direction of what tenants look for in a modern day rental property, whilst also giving an insight into the aspects they least worry about when looking to move into a new home.
The intention of the research was to seek out and understand the changing demands in the market, which allows investors to respond and adapt.
It’s worth noting that a quarter (25 per cent) of respondents stated that there were no particular features they looked for when considering a new rental property to move into.
The most sought after features consisted of:
- Outdoor spaces (43 per cent), such as gardens, a terrace or balcony.
- Parking spaces (34 per cent) for vehicles; be it on a drive way or on-street parking around the property.
- Modern interiors (28 per cent) comprising of neutral decoration or modern colours, fittings and fixings.
The least sought after features when looking at rental properties consisted of:
- A concierge service (2 per cent).
- An on-site gym or fitness facility (3 per cent).
- The latest technology (5 per cent) such as USB plugs, smart home devices.
As it stands, many of these features are naturally part and parcel for some landlords. Any interior space should be well presented and decorated regardless, be it traditional style or through cutting edge, sleek and modern looks. Prospective tenants aren’t typically going to fall in love with dingy and damp living spaces.
Parking can be based upon two factors, one of which is also a main attribute to investing in certain properties to begin with. Typically, properties with attached drive ways or garages cost more upfront to invest in; however they can also drive higher rental figures for the tenant convenience. Then there’s on-street parking which is typically more common for rental properties, and also fine for plenty of tenants. Location is important here, as investing in properties hindered by double yellows lines can put off potential tenants with vehicles.
By investing in a property with parking arrangements in whatever form that may be, you remain inclusive of those who rely on vehicular transport whilst offering those who aren’t in possession of their own transport with more space or the flexibility for visitors.