Key features tenants look for in a rental home - part 1 of 2
Rhys Owen, Senior Property Investment and Market Advisor, talks us through some of the important things tenants look for when searching for a rental home in part one of this two-part series...
Estimated reading time: 5 minutes
With more and more people choosing to rent until later in life due to either their own personal reasons or simply due to the fact that it can seem increasingly difficult to get a foot on the property ladder, it’s important that landlords consider what features tenants are looking for in their rental home.
The type of tenants you’re trying to attract can widely differ between properties, locations and other variables - if you have a traditional 3-bedroom suburban house away from the city with a garage and large garden you’re likely want to attract a family, whereas a landlord with a modern 8th floor one bedroom apartment in a trendy part of the city centre is likely to want to attract one or two professionals.
There are certain things many tenants prioritise highly during their search, while other things can quickly put them off.
So, as a landlord, what should you prioritise when investing in a buy-to-let? Or what can you do to help give your buy-to-let property a boost so that it better appeals to your target market?
Location really does matter
The location of a property is incredibly important from both a sales and lettings perspective. Most people, regardless of whether they are homeowners or renters, want to be close to everything they need - whether that be amenities, schools, their place of work, useful link roads, or for more personal reasons such as being within close proximity to family members.
If you’re in the market for a buy-to-let property, the location should be one of the first things you consider. It’ll also have a big say on your budget as similar properties can vary wildly in price based upon where they are situated. You have to fully understand the type of tenants you’d like to attract and ensure the location will easily meet their needs.
Read: Buy to let jargon explained - an A to Z
The condition of the property and any furnishings
All tenants want their property to be in great condition and for any furnishings that are included to be fit for purpose.
Properties that were built within the last decade or two may have an advantage of being generally in a better state of repair than many far older properties as well as requiring less maintenance - though this is no hard and fast rule - but then older properties tend to offer far more features and unique characteristics that certain tenants may strongly prefer.
You’ll want to carry out adequate surveys on any buy-to-let home you plan to invest in to ensure there are no nasty secrets or expensive maintenance or repair works that need to be carried out to ensure the entire property is up to scratch and in a suitable condition for tenants to safely live in.
While viewing, tenants will often cast a very close eye on the condition of the kitchen and bathroom, but it’s vital to make sure the entire property is appealing if you want to attract happy tenants.
Access to outdoor space
A rental property that offers access to some outdoor space will always be appreciated by tenants. Even those who want to avoid a garden that requires a high-level of maintenance are sure to find some enjoyment from a super low-maintenance patio area, while tenants that are seeking a flat or apartment are unlikely to snub a property just because it has its own private balcony or access to a communal garden area.
If an outdoor space simply isn’t possible for the property, perhaps consider choosing one that is located close to parks, fields or other public outdoor spaces. Tenants with children or pets are almost certainly going to prioritise some form of immediate or nearby outdoor area.
Read: Landlords - how to maintain the garden in your rental property
Sufficient storage space
It’s difficult to ever have enough storage space, let alone too much, so it’s wise for landlords to do all they can to offer as much storage space as possible with the property.
This can be particularly difficult with flats, apartments and particularly small homes, but there can be clever ways to help your tenants out. This could be in the form of integrated storage cupboards and domestic appliances, built-in wardrobes, shelves, or even simply re-thinking the overall layout of certain rooms.
It’s much easier to create sufficient storage within a large house or property, as landlords have additional options such as installing a shed or outhouse in the garden, creating storage cupboards under the stairs or undertaking larger investment projects like converting an attic space or building an extension to increase the size and storage options of a property - while also no doubt increasing both its rental and sale value.
Be sure to check out part-2 where we reveal more key features that tenants look for when searching for a rental home.
Here at CPS Homes, our friendly team of property experts have the local knowledge required to help you find a suitable investment property in Cardiff or source the perfect tenants. To learn more about how we can help or to discuss the range of property management services that we offer, don’t hesitate to get in touch by calling 02920 668585, e-mailing enquiries@cpshomes.co.uk or by popping into one of our three Cardiff branches.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
