To be a successful landlord you should always put your tenants first and cater to their needs. But how do you know what they are looking for? You will obviously want to attract good tenants who are looking to make your house their home; understanding their requirements allows you to attract the widest range of people.
A recent study by the lending platform Lendbay has provided insight from over 2,000 private renters, sharing the top things they’re looking for in a rental home.
1 Pets Allowed
At number one is, surprisingly, allowing pets. In fact, 14% of tenants said that this is what they’re looking for, which is interesting as so many landlords stipulate a ‘no pets’ rule. You could be missing out on a large number of reliable tenants who are looking for a long-term home not only for themselves but for their pet, too.
Have you asked yourself whether you could attract more tenants by furnishing a property? Well, according to this research the answer is no. Particularly for those renters over 55, a furnished property is not what they’re looking for. Tenants are looking to get that homely feel by personalising the property with their own belongings. Encouraging a tenant to add their style with their own furnishings could mean longer tenancies and fewer void periods.
Families and parents with children are more likely to choose a property with outdoor space. Providing a family home with a garden for the kids to play in can also benefit you, the landlord, as these families will enrol their children in the local school and will want to provide a stable home for their children meaning longer tenancies.
4 Off-Street Parking
Many of our streets were not built with cars in mind and so parking can prove challenging. Therefore, it’s understandable that tenants will rejoice if off-road parking is available in a rental home. Providing safe and available parking can attract tenants, and if this is something your property has then it’s a key feature you need to highlight.
Neutral colours and a consistent theme are always advised in a rental property. In the research, 7% of renters said that décor is their fifth top attribute when looking for a home. Putting your personal taste to one side and avoiding wallpaper allows your tenants to envisage themselves in the space and think about how their own belongings will look.
At the bottom end of the list is a dryer, king-size bed, balcony and dishwasher, all with just 1%. It’s interesting that renters are not looking for these luxury items, so consider this before you spend unnecessary money on your rental property.
If you have a property to let and would like to discuss our management services, or simply want us to find you the right tenant, call our team on 01633 870777. If you’re looking for a rental property in South Wales you can start your search at https://hathways.co.uk/property-to-rent or tell our team what you’re looking for and we will inform you when similar properties become available.