Buy-to-let certainly remains a very attractive option for would-be landlords. This form of investment has consistently beaten other asset classes, such as stocks and shares, for a number of years. With more and more potential homeowners being priced out of owning outright, demand for rental property continues to soar. As such, there are normally more than a handful of potential tenants for each property.
It would be easy as a buy-to-let investor to just think about the money and hurry renters into your property. However, there are a number of measures you can take to secure more desirable tenants and hopefully keep them happy (and paying rent) for longer.
Ryan Weston of Just Landlords Insurance Services, explains what tenants in 2017 really want from their landlords and rental property:
All-Inclusive Bills: More tenants are being attracted to the notion of all-inclusive bills-these being one simple rental price per month including the overall cost of all utilities. This is more common in student accommodation, but will help your tenants in managing their finances. What’s more, this could save you money, as renters may not use as much energy or electricity as you first predict.
A Strong Broadband Connection: The internet is now an integral part of peoples’ daily lives. As a result, providing your tenants with a strong and reliable broadband connection is vital. Those renters requiring the internet for work purposes, such as young professionals, will see this as imperative.
Longer-Term Tenancies: With demand clearly outstripping supply, tenants will be looking for assurances. One way of giving them this security is to offer new tenants longer-term agreements. This will allow them to plan other features of their life, for example getting children into local schools. In addition, this will give you peace of mind that you will be receiving constant rent for longer.
Allow Pets: Whilst it is true that having animals in properties can lead to problems, the reality is that many domesticated pets will pose minimal risks. It can be a major draw to allow tenants to bring their beloved pets with them into a rental property. However, if you choose to allow animals, you should outline clear rules on who is responsible for paying for any damage incurred by pets.
Be Fully-Furnished: Another big draw for renters is a fully-furnished property, with a number of mod-cons. Why not consider offering your renters a flat screen television or a dishwasher? These appliances are always coming down in price, so there is no need to break the bank. You may find that you are able to attract tenants willing to pay a bit more in rent as a result.
Think About Flexibility: You should certainly consider allowing tenants some room for manoeuvre during their agreement. I’m not talking about wholesale changes, but you should definitely allow your tenants to put pictures up to give the property a homely feel. This will make the property feel like theirs and will more than likely make them want to stay for longer.’
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