Kate Eales
Head of Regional Residential Agency
From modern fixtures to long tenancy agreements, we look at what today’s renters really want from their home and how to market your property to the right tenants.
Transport links, local amenities and the feel of an area will all affect your property’s desirability to different groups of renters. For example, a one-bed flat in South Kensington will appeal to students at nearby Imperial College, whereas a detached house on the outskirts of a Surrey village will appeal to city workers with young families.
Good transport links are a top priority for renters, and in many cases will outweigh concerns over the size or affordability of a property. Apartments close to centres such as the City of London or Canary Wharf are likely to appeal to professionals looking for a week-night crash pad, but not everyone wants to live with the hustle and bustle of the city. A property in a quiet location, within a short walk of a train or tube station will appeal to a wide range of tenants. Outside the major cities, access to fast roads is often more important than a local train station.
With the switch to online shopping, having a nearby supermarket or shopping centre isn’t as important as it used to be, but many people like to support local businesses, so a local butcher or artisan bakery is a definite plus. Local restaurants topped the list of desired local amenities in our Urban Renters survey, with 57% of respondents wanting good options for eating out.
Properties near good private schools or in the catchment areas of Ofsted outstanding-rated state schools are always in high demand. 25% of the renters we surveyed would consider renting a property so their children could get into ‘good’ schools. If you have both great schools and good transport links, then you’re in an excellent position to attract premium rental prices for family homes.
Modern fixtures and up-to-date technology
It goes without saying that a property should be sparklingly clean before renters come to view it. Although you may expect some wear and tear in rental properties, potential tenants may not, so make sure your décor is fresh and clean. Today’s tenants also expect fast internet connections, and, in higher-end properties, integrated technology and luxury fittings.
Older properties and period features will be an attraction for many renters, but you don’t want your property to look tired or run down. A quick lick of paint can freshen up a room and provide a neutral backdrop for more ornate features. Modern kitchens and bathrooms are a must have, along with high-quality appliances. Storage is also important, with 73% of respondents to our Urban Renters survey citing this as a priority when looking at rental accommodation.
High-speed internet is seen as a given for most renters. While this might not be an issue in the city, if you’re advertising a rural property, then it’s worth checking and, if necessary, enhancing your internet speed. Mobile or satellite broadband is an option for homes which aren’t likely to get a fibre-optic connection in the near future.
Once you’ve got the basics sorted, then it’s worth considering what additional features are desirable at the top end of the rental market. Our Urban Renters report highlighted secure parking, outdoor cooking space and a library or quiet place as desirable. Additional features such as spa bathrooms (currently more popular than ever), a home cinema and an internal lift (for multi-storey properties) will also appeal to high-end renters.
While it’s often wise to keep décor fairly neutral, small changes to fixtures and fittings can keep your property right on trend. Velvet and leather are the statement fabrics of choice for 2018, and brushed metals, such as brass and nickel, have taken over from last year’s gold glamour. A splash of bold colour – cactus green, peacock blue and burnt orange are on trend this season – will brighten things up, and tropical prints in forest green are here to stay.
The humble houseplant is fast becoming a must-have for your home and is a cheap, easy way to add a splash of colour to your property, as well as improving your indoor air quality. According to Pinterest, this season’s trend is for “pattern plants”, such as the prayer plant or rattlesnake plant, but make sure you buy something that’s easy for your tenants to look after – there’s nothing more depressing than a dying plant.
An understanding landlord
One of the main attractions of renting is that someone else is responsible for repair bills. But renters still want any issues to be dealt with promptly and effectively. From maintenance problems to tenancy agreements, a bit of understanding and flexibility can help attract tenants who will look after your property and stick around.
The number of households renting privately doubled between 2001 and 2014 to 5.4 million. Alongside this growth, there’s been an increasing demand for more stable, longer-term tenancies. This doesn’t necessarily mean that renters want to be tied into a five or ten-year contract, but many want to have the guaranteed option of staying in their home for a longer period with some certainty over the rent.
For other people, renting is a short-term option, either to get to know a new area or to find a home for a pre-defined period, such as a work contract or university study. More than half of Urban Renters respondents were renting for 2 years or less. Being flexible around what you’re prepared to offer potential tenants could mean you end up with better tenants who are willing to pay more for the contract terms they want.
You’ll also want to consider whether to offer your property furnished or unfurnished. This may depend on the market you’re targeting, for example, if you want to let a city centre apartment to young professionals, students or overseas tenants, then providing a fully-furnished ‘turnkey’ home will make your property more attractive. Though be aware that expectations of quality extend to the furniture, particularly in premium properties: think professional interior design companies rather than IKEA.
Responding promptly to any issues is another thing that will go a long way to keeping good tenants. A good management company can be worth its weight in gold to relieve you of the hassle of dealing with maintenance issues. And, while there’s a balance to be had, a bit of flexibility in what renters can and can’t do (such as hanging artwork on walls) will help make your property feel more like home to them. And, when it really comes down to it, that is what people really want from a rental property: a place to call home.