The past few years have witnessed a significant increase in rental demand. In November, 71% of landlords reported a rise in tenant demand, marking an all-time high over a 12-year period. With a continued shortage of rental housing stock, this trend is expected to persist into 2024.
If you’re a landlord considering capitalizing on the current rental market, now is an ideal time to expand your property portfolio and grow your investments.
While there is a wide variety of tenants to choose from, it is important to ensure that your rental properties are as competitive as possible in order to maximize profits. To help make your properties more desirable on the market, we have compiled a list of the things most tenants are looking for.
As more people transition from remote work back to the office, more renters will require a car for their daily commute. Many rental properties, especially HMOs or homes in urban areas, often lack convenient parking access. This makes rental properties with parking highly sought after in the lettings market. Off-street parking, in particular, provides added security and eliminates the need to search for on-street parking.
Pet friendly properties
While there's no set for the bill to be passed into law (and some parts have been indefinitely delayed), the Renters Reform Bill remains a top priority for tenants. In particular, it has sparked discussions about pet ownership in rented accommodation.
While pet ownership in the rental market has traditionally been less common, an increasing number of tenants are becoming pet owners. By allowing pets in your rental properties, you can expand your pool of potential tenants. You can also ensure that tenants have pet and contents insurance to alleviate concerns about potential damage.
Tenants often move between properties every few years for various reasons, such as job changes or salary increases. Providing furnished properties can attract tenants who prefer the convenience and ease of moving into a fully furnished space.
While energy prices have decreased since their peak in 2023, heating costs remain a top concern for tenants. Though it may be difficult to provide an exact estimate of energy costs to prospective tenants, you can emphasize the energy efficiency of your property. Tenants are looking for well-insulated properties, free from obvious drafts that allow heat to escape, and boilers that are in good working condition and efficient.
If you’re interested in buying your first rental property, or are a landlord looking to expand their portfolio, contact our property management team who can help you find a property.