If you’re a buy to let investor, you’ll know that one of the most crucial things you need to help your venture succeed is tenant interest. Without attracting tenants to your property, you risk losing money due to a lack of rental income, and could even end up with lower rental returns if your property lacks value.
One of the best things you can do as an investor is to attract plenty of tenant interest to your property and generate the highest possible returns – but what can you do to make this happen? Here are some top tips on how to make your rental property more appealing to prospective tenants, and even boost your rental value in the process.
Keep it Modern
There’s a reason that so many rental properties currently on the market offer a more modern and contemporary feel in terms of design. The more modern and up to date your property is, the higher likelihood that people will want to live there.
While retro and unique decor is undoubtedly a favourite for a lot of people, the majority of tenants will prefer their rental property to have more of a minimal look so that they can put their own stamp on the space with accessories or furniture if needed. This is evident from the type of properties listed by RWinvest, who offer completely new buy to let opportunities with modern designs and simple decor. By sticking with more neutral paint shades, and simplistic design features, your property is more likely to appeal to a broader range of tenants and generate a lot more interest compared to a property with outdated decor.
Along with the design of a rental property, another factor that’s important for a lot of tenants is the amount of space in the property. While this may seem more tricky for those who own studio flats or smaller apartments, there are things you can do to utilise space. One idea is to purchase smart storage options for the property, such as a coffee table which doubles as a storage box or built-in wardrobes. You’d be surprised how much larger a room can look with the help of some clever storage solutions.
There are also some tricks you can try to make the property appear larger than it is. One of the most popular ideas is to use large mirrors with clever positioning, which will give a room an illusion of depth. Something as simple as rearranging the furniture layout can also be a great way to transform the size of the space, so it’s worth thinking about this before your property next goes onto the rental market.
Introduce High-Tech Features
Smart technology has become a big part of everyday life, and this has also taken the form of high-tech home items. Many households have recognised the benefits of home tech items such as Smart Home Assistants, and introducing features like these into your rental property could help attract more forward-thinking tenants.
One easy way to do this is by installing smart lighting into the property. Not only does smart lighting look more stylish and modern, but it’s also more eco-friendly thanks to the use of environmentally friendly bulbs. If you have the money, investing in smart kitchen tech could be another way to grab the attention of prospective tenants. Items like smart fridges can help a property stand out, and may encourage tenants to pay higher rental costs.
Make the Most of Outdoor Areas
If you’re lucky enough to have an outdoor space in your property, you should definitely make the most of this as a way to attract more tenants and increase rental value. If you’re renting out an apartment and the only outdoor space you have is a balcony, there are things you can do to make this area more inviting. Consider adding fake grass and potted plants to give the balcony more of a garden feel, and bring stylish outdoor furniture to the space such as a table and chairs. If your balcony is on the smaller side, you could use items like bean bag chairs to give the area a cosy feel, and utilise wall space or railings to add some greenery.
Do you have any more suggestions on how to increase interest in a rental property? Let us know in the comments section below.