If you’re looking to buy an investment property its worth understanding exactly what it is that will make a property more appealing so we’ve rounded up the 10 features that tenants look for in a rental property.
When tenants are considering places to live their primary consideration is usually the location.
Proximity to local transport and amenities will be key features that tenants look for in a rental property.
Having good and convenient transport connections nearby will boost the appeal of your property. If a tenant needs to walk for a long time to reach a train service, or perhaps needs to take a bus to reach the train, the property will not be as attractive especially if they need to use the local train services regularly.
Local amenities such as supermarkets, the doctors surgery and a pharmacy are often important to have within a relatively easy distance. This is particularly important for rental homes in a city as many city-dwellers do not have a car.
For larger properties that might appeal to a family, the nearest schools will also play a part in whether a location appeals.
Safety and security are of paramount importance when tenants are looking for a home and you’re more likely to attract good tenants if your property is in a good area.
A tenant doesn’t want to be concerned about the area surrounding them when they walk out their front door.
This is often a reason why modern apartments prove so popular with tenants as there will be secure entry and often a 24 hour security or a concierge on hand to take packages.
Age and condition
Tenants expect rental properties to be both clean and functional, a modern and recently built property will be in good condition naturally because of its age and will feature the latest home comforts and design elements.
Tenants are often only looking at a rental property with a view to living there for a year or two, meaning convenience and functionality is a primary concern.
If you’re trying to achieve the highest possible yield for your investment property, age and condition will be crucial factors.
Not only is it important that appliances are in good working order but the newer the appliances the better the energy rating will usually be meaning that a tenant will expect to have lower bills.
Appliances are used daily, from the oven to the washing machine, making them a major part of tenants considerations when looking for a place to live.
All appliances are rated using a letter scoring system with ‘A’ being the best and most energy-efficient. A property with modern appliances, with good energy ratings, will appeal to tenants more than those with old and inefficient ones.
More than ever before, outside space is a key factor for many tenants. Whether it is a balcony or roof terrace, or access to communal gardens and grounds, tenants will often hope to find a property that has use of some sort of outside space.
With busy lifestyles, a building that features communal grounds and gardens in a city location can prove to be the perfect solution as then a tenant does not have to worry about maintenance but can enjoy an outside space freely.
Space and light
A property that is bright and spacious will usually appeal over those that are cramped and dark.
In general, when looking for a buy-to-let property landlords should seek one that offers good space and light proportionate to the overall size of the property.
Many modern properties are designed with this in mind, the layout of each apartment will be arranged to make the most of the available space and large windows often feature to allow in natural light.
When looking at off plan investment properties, CGI’s and floorplans can help a potential investor ensure a property will have both good space and light.
Tenants will look for a property with good storage solutions, from built-in wardrobes to kitchens with ample cupboards.
Access to storage could extend as far as communal bike parking or even secure lockers in the basement of a modern building.
Again, newly built properties, or those that investors consider off plan that is yet to be built, will have been designed with modern living in mind and will have good storage solutions.
With so many now working from home for at least part of the week, internet speed is of paramount importance.
It might be a given that a property in a city centre will have access to a fast internet connection but if an investor is considering a more remote option or perhaps a holiday home they should carefully research local internet speeds.
Management and maintenance
Tenants rarely have the opportunity to meet a landlord before they choose to rent an apartment, making it hard to know if they will be a ‘good landlord’.
Properties that have a reputable managing agent in place to oversee the running of a property will appeal to tenants because they can feel assured that issues will be dealt with swiftly.
A tenant will also assess the overall condition of a property and the communal parts to understand whether maintenance is high on the list of priorities for that landlord.
Lastly, price is a key feature for tenants, the condition and quality of the property on offer will dictate the price a tenant is willing to pay.
Landlords who own modern apartments with the latest appliances, modern design features and a layout to suit everyday life, will experience the greatest returns.
Tenants expect the price of a rental property to be appropriate to all of the above features.
A landlord who attempts to overcharge will find themselves with costly void periods.
Buying a rental investment in the UK
Those considering buying a rental investment property in the UK should keep the features that tenants look for in a rental property in mind when searching for a buy-to-let investment.
To explore rental investment opportunities in the UK that meet the requirements of tenants please do get in touch.