The last few years years has seen demand for rentals increase significantly; this past November, 71% of landlords reported rising tenant demand, a new all-time high across a 12-year period. With a continued shortage of rental housing stock, this is a trend that's only going to persist into 2024.
If you're a landlord considering taking advantage of the current rental market, now is the perfect time to grow your investments and expand your portfolio of properties.
While there are a wide variety of tenants to choose from, you want your let to be as competitive as possible so you can yield the most profit from your property. We've put together a list of the things most tenants are looking for to make your lets the most desirable on the market.
Pet friendly properties
While there's no set date for the bill to be passed into law (and some parts have been indefinitely delayed), the Renters Reform Bill remains at the forefront of tenant's minds. Specifically, it has reignited talk about pet ownership in rented accommodation.
Traditionally, pets have been less common in the rental market, but as more and more tenants are becoming pet owners, opening your let up to pets could be beneficial. It would open up your pool of potential tenants, and you can ensure the tenant gets pet and contents insurance to put your might at ease regarding any potential damage.
Car parking spaces
As more people move away from indoor working and back into the office, more renters will need a car as part of their commute. A lot of rental properties, particularly HMOs or homes in urban areas, often don’t have easy access to parking. This makes rental properties that do have parking access highly desirable on the lettings market. Off-street parking is particularly in demand as it provides a bit of extra security and means they don’t have to fight for on-street parking.
Though energy prices have fallen from their 2023 highs, heating costs are still very much at the forefront of tenant's minds. While it may not be possible to give prospective tenants an estimate of their energy costs, what you can do is emphasise the energy efficiency of your property. Tenants will be looking for properties that are as insulated as they can be, that there’s no obvious drafts for heat to escape from, and that the boiler is working and efficient.
Tenants often move between properties every few years. This can be for a lot of reasons, from moving jobs to wage increases meaning they want a different type of rental property. This means tenants are less likely to own their own furniture because of the cost of moving it between properties, making pre-furnirshed properties more in demand.
If you’re interested in buying your first rental property, or are a landlord looking to expand their portfolio, contact our property management team who can help you find a property.