The location of your property is essential
A popular TV show drove home the importance of location in the property market and it is just as true in the rental market. “Location, location, location” should be a mantra for landlords because this is a huge factor for tenants. When tenants look for suitable property, one of the first criteria they will select is location.
Of course, there are many different factors that combine to make a good location, including:
- Being in a safe area
- Being located close to work or further education for the tenant
- Having suitable transport options close at hand
- Being able to enjoy bars, clubs, shops and restaurants
- Having good quality schools in the local area
If you are renting to students, close proximity to college or university and bars is going to be more important than schools and a safe area. Conversely, if you want to let to young families, the catchment area and crime figures may be the key factors that convince a family to let from you.
Any landlord looking to let property should think about what sort of tenant they want to appeal to and then look for property in a location that appeals to these potential tenants.
It probably goes without saying that price and budget are key factors for tenants when looking at property. Again, if you have a particular style of tenant in mind, you need to know what sort of budget they have at their disposal and then work towards providing them with an affordable solution.
You will want to make a tenant feel as though they are getting good value for money when they rent from you, you obviously still want to make a profit. If you don’t make a profit, you won’t stay in business but if you make too much of a profit, you may find tenants drift away from you quickly.
It can be difficult to know how to price your rental accommodation and you need to balance your own needs, the expectations of tenants and the general prices in the market. If you are going to charge a rental fee that is above the local average, you need to make sure that you can justify the increase. Many tenants are happy to pay more if there is value for money on offer but what one person determines to be value for money may be different from someone else.
Additional factors that made a difference
Given that the rental market is highly competitive, it may be that a small advantage will make a big difference. If you want to appeal to tenants, offer them something that they cannot find elsewhere because some of these factors are going to be what tenants are looking for. Examples of factors that tenants may desire include:
- Parking spaces
- Natural light in the home
- A garden area
- Exterior storage such as a shed
- Sufficient storage space inside the home
- Good quality white goods
- A nicely presented bathroom or kitchen
Knowing what your tenants want from you and a property can help you to be the number one choice for your ideal style of tenant. If you want to know more about the local market and find out what people are looking for, get in touch with me.
I’m Amalia and love nothing more than to talk about property, planning, staging and solving tenancy issues.
Have a lovely day.