What makes a good rental property?

By 24th June 2016 Landlords
rental property to let home

Are you interested in renting out a property? If you want to find tenants and keep them, it’s important to put yourself in their position and consider what they might look for in a rental home. From location to cost, all sorts of things influence prospective tenants, and we’re here to reveal the factors that give a property all-important rental appeal.

Location

We’ve all heard the age-old mantra “location, location, location”, and it’s as true now as it ever was. For many tenants, location is at the very top of the list when searching for a home, and they have to take into account their preferred lifestyle and commute. If you’re interested in buying to let, consider which areas are in highest demand and for which demographics of people (eg: it’s probably not wise to buy in a student area if you want to rent to a family). Also, look at which areas are currently undergoing development – including new builds and regeneration projects – because these could be indicators of boom times to come and it might pay to get in early.

If you already own a property you can promote any positive features of its location – whether it’s in a city centre, suburb or the countryside – in your rental write-up. Might your property’s location appeal to a certain demographic? Is it near shops, parks, fitness centres or other useful amenities? Is it well connected to bus and train routes or major roads? You may not be able to choose the location, but you can certainly highlight its advantages.

Cost

Another huge factor for tenants is how much the rent will be, and most house-hunters approach their search with at least a rough budget in mind. For this reason, it’s vital to make sure that your rent is right for your property so you don’t price yourself out of the market.

Your letting agent will help you fix a price for rent, but it can pay to do a little research yourself before purchase. Check out newspapers and online ads to find out what similar properties are being let for in your area, and see which properties get snapped up and which are forced to lower their prices. Bear in mind that, while pricing your property too high will deter renters, pricing it too low will do the same; very low rents can make tenants suspect there is something wrong with a property, so make sure you are offering a fair price.

rental property to let home

Doing your research can really pay off.

Facilities

Every prospective tenant is going to approach their house-hunt with a list of essentials in mind, and if your property doesn’t meet a requirement they desperately need, there’s very little you can do. However, just like the location, you can increase your appeal and your chances of letting by knowing who you’re catering to and accentuating the positives for them.

Consider what things are likely to be on your prospective tenants’ list of requirements. Families will probably need plenty of bedrooms and storage space, as well as parking spaces and gardens; young professionals are likely to look for parking spaces too, but they might be more keen on modern, open plan living. Consider what furnishings you could provide; students and sharers will probably need basic furniture provided for them, while families will likely have their own.

State of repair

When it comes to buying, prospective homeowners are frequently told to look past a property’s minor flaws and try to imagine what it could become, but it’s more difficult to ask this of prospective renters. For one thing, there are usually more restrictions on what changes a renter can make to a property. Also, as a landlord you will be expected to manage the property (or arrange for someone to manage it for you), and you need to show that you are able to do this effectively.

That’s not to say your property should be faultlessly state-of-the-art, but you should certainly make it as smart and presentable as possible before people start arriving for viewings. It’s easier to repair a problem than to explain to a prospective tenant that it will be fixed before they move in, and renters will appreciate seeing that the landlord genuinely cares about their property.

rental property to let home

Set a high standard for your property before you hand over the keys.

Bonus points

By no means essential but sometimes a great help to your renting efforts are properties with something extra that makes them stand out. Whether it’s practical, like underground parking or a large garden, or exciting, like a waterfall shower or a cutting-edge kitchen appliance, eye-catching extras like this can tip the scales in your favour. At the very least they might influence a prospective tenant to view your property, if only to see that whirlpool bath they’ve read so much about, so make sure you mention these extra features in any write-up, and include a photo.

Remember, with a little knowledge of the local area and your target market, finding tenants doesn’t have to be difficult. Good luck!


Interested in letting out a property in Bristol? Contact Gough Quarters today to find out more.

Image sources:
Rooms for Rent Sign by David Amsler on Flickr, under Creative Commons Attribution 2.0 Generic License
Taking notes courtesy of Pixabay
House keys courtesy of Pixabay

Leave a Reply