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How to attract the most desirable tenants

Keep in mind the higher the quality, the higher the rent you can demand


AS THE RENTAL market continues to grow, many landlords are now faced with increasing competition as they look to rent out their properties in a very competitive space. Increasingly, new landlords are letting out properties to take advantage of the financial opportunities that the renting generation can bring to provide a good rental income. This means landlords need to market their rental properties in the right way to attract the most desirable tenants. Whilst priorities might change dependant on whether you’re renting to long or shortterm tenants, these are some of the top factors tenants consider when searching for rental properties.


ATTRACTING AND RETAINING THE RIGHT TENANTS LOCATION Tenants want to be close to work, school or other important places. They don’t want to have to commute for hours every day. Transport links are important for wouldbe tenants, but what these look like will depend on the location of your property. For inner city locations, nearby bus and tube or tram stops are beneficial to any property. Further out, easy access to major roads is a plus, especially in commuter towns, where having a train station nearby can also boost a property’s attractiveness to tenants.


SPACE The size of the rental property is also important for tenants. They need to make sure there’s enough space for their belongings and that they’ll be comfortable in the space. Generally speaking, the more space you have in your property, the more favourably tenants will look at it.


AMENITIES Tenants want a rental property that has all the amenities they need. Think about the kind of tenants you’re looking to attract, as well as the shifting digital world we live in. If you want to rent to students, for example, then proximity to the local university – or a bus that goes directly to it – will be appealing, while families are going to be more interested in nearby schools. Having a supermarket or shopping centre nearby is becoming less and less important as people increasingly choose to shop online, but a small corner shop for when they’ve forgotten the milk can still be very useful.


PET FRIENDLY Even if your tenants don’t have a pet when they move in, if they’re looking to settle for a while then a pet-friendly rental is a huge bonus. There are lots of different people out there looking for a home for their animals.


“Tenants want to be close to work, school or other important places. They don’t want to have to commute for hours every day. Transport links are important for would-be tenants, but what these look like will depend on the location of your property"

OUTDOOR SPACE Many tenants prioritise outdoor space, whether it’s a garden, a patio or a balcony. Green space will be important for those with young children, but having to take care of a garden can be a chore, so properties with communal gardens that are tended by someone else will usually be highly sought after.


PARKING Parking can be much harder to get in the city. But outside of London, most people will want to keep at least one car, and even in the capital there are people who prefer to drive. Parking of any kind, but particularly off-road parking, will add value to almost any rental property.


WHITE GOODS Many tenants expect white goods as standard these days, especially if they’re not looking for somewhere long term. A student will not want to buy a fridge if they’re going to move out at the end of the year. Washing machines and tumble driers can also make all the difference.


QUALITY As a landlord, you will want to stand out from other buy-to-let investors so that you attract the right sort of tenant. Always keep in mind that the higher the quality, the higher the rent you can demand and the higher the quality of tenant you will attract. Tenants want a rental property that is well-maintained and in good condition. They don’t want to live in a run down property.

SAFETY They’ll want to know about the neighbourhood and any security features the property has in place. Not only is it important to tenants to live in a property that is safe and secure, but it’s also a legal requirement to make sure that the security of your property is up to date. There is an increasing amount of legislation being placed upon the lettings industry to ensure the safety of tenants in an increasing rental market.


>> WANT TO TALK TO OUR EXPERTS TO GET THE RIGHT ADVICE FOR YOUR BUY-TO-LET MORTGAGE? << By following these tips, you can help to ensure your buy-to-let investment is a success in an increasingly competitive rental space. It’s also important to obtain professional advice to find the right mortgage that works best for your funding requirements. To find out more, speak to Omni Finance – telephone 01424 236903 – email simon.hickman@omnifinance.co.uk


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. BUY TO LET MORTGAGES ARE NOT USUALLY REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. OMNI FINANCE IS AN APPOINTED REPRESENTATIVE OF NEW LEAF DISTRIBUTION LTD WHO ARE AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FCA). FCA NUMBER IS 460421.

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