In an ever-competitive private rental market, the demand for better quality rental homes is rising, especially in London where many young professionals choose to rent as a lifestyle choice and have high expectations from the property itself and also the way it’s managed during their tenancy.
Whether you’re an existing landlord renting out your property or a buy-to-let investor, your goals are the same: regular rental income and high quality, long term tenants. To ensure both, it’s important to understand what tenants today want from a rental property.
A Good Location
The neighbourhood and good transport links are the 2 most important factors for tenants. Today, buy-to-let investors can look further afield as regeneration is transforming London’s once run-down areas into trendy and desirable places to live. New transport links such as the anticipated CrossRail line will connect the East with the West making commuting much easier, while properties on bus routes and within walking distance to the Tube are always high on tenants’ wish lists.
Tenants today want a higher quality of life and are more likely to choose an area with good amenities, trendy bars and restaurants, shops and markets, green spaces and gyms. If they are happy with the area, they’re more likely to stay long term.
A Pristine Property
It’s not enough for a property to be clean at the start of a tenancy. Discerning tenants expect a property to be pristine in every sense. A thoughtfully renovated property with a modern, updated look will be far easier to rent out than a tired and shabby one showing obvious signs of wear and tear.
The condition of bathrooms and kitchens is always a deciding factor. There’s nothing worse than signs of damp, mould or grease stains to put off prospective tenants. Even simple changes such as refitting older fixtures and fittings with contemporary-styled chrome, or re-grouting can make all the difference.
A Well-Furnished Property
Professionals looking for a London base or flat share will expect a property to be furnished and well-equipped with modern and energy-efficient appliances. They’ll also consider the amount of storage space available, especially flat sharers: from kitchen cupboard space and fridge sizes, to wardrobes in the bedrooms.
A fast and reliable Wi-Fi connection included in the rent is something most tenants will want. Other desirables that can make the difference between them choosing your property instead the one down the road include a power shower, dishwasher, washing machine/dryer and HDTV.
A Hassle-Free Tenancy
Tenants just want to be happy in their home. They don’t want to be haggling with housemates over bills or dealing with repair emergencies and a landlord they can never get hold of.
Pisoria’s hassle-free property management services include all-inclusive, guaranteed rents and 24/7 repairs insurance cover, tailored to meet the needs of landlords and tenants, ensuring they are both happy.
Whether you’re interested in lettings only, a full property management service, or simply want expert information and advice on renting out your property in London, call us today.