When it comes to selecting tenants, it’s essential to remember that it’s not just about filling your property quickly. While reducing void periods is crucial to minimise income loss, it’s often more beneficial to take your time to find the right tenants who are likely to stay in the property for the long haul. Creating an environment that appeals to tenants and meets their expectations can significantly reduce turnover and keep your rental business running smoothly.
Here are some things tenants look for when choosing a rented home, and how you, as a landlord, can make your property more appealing to secure reliable, long-term tenants.
Setting Reasonable Rent Prices
One of the most critical factors when attracting and retaining tenants is setting a fair rent price. Rent should be suitable for the location and the property’s features, and it’s vital to ensure that it aligns with market rates in your area.
Economic costs, including inflation and rising property maintenance expenses, may force landlords to adjust rent from time to time. However, setting rent prices too high could risk discouraging potential tenants, leaving you with vacant properties. Similarly, setting rent too low may make tenants question the quality of the property.
The goal is to strike a balance where the rent is profitable for your business but still affordable for your tenants. If rent becomes unaffordable, tenants may struggle to make payments, potentially leading to rent arrears or them leaving the property.
The Key Features Tenants Look for in a Rental Property
Understanding what tenants are looking for in a rental property can help you make informed decisions about the upgrades or features that will attract quality renters. Here are some of the most important factors tenants consider:
1. Size of Rooms
Spacious rooms give tenants a sense of comfort and freedom. Large living rooms, bedrooms, and kitchens allow for ample storage, furniture, and personal space. To make the most of the space, make sure to include the room dimensions in your listings and use high-quality photos to showcase the spaciousness of the property.
2. Double Glazing
Double-glazed windows provide better insulation, reduce external noise, and help lower heating bills. Tenants often see double glazing as a must-have feature for a property. If your property doesn’t yet have double glazing, consider upgrading, as it can significantly enhance the property’s value and make it more appealing to potential renters.
3. Private Outdoor Space
Having a private garden, patio, or outdoor space is increasingly important, particularly in the wake of the COVID-19 pandemic. Tenants appreciate having somewhere to relax outdoors, host gatherings, or even grow their own plants. If your property offers any form of private outdoor space, make sure to highlight this in your listings.
4. Energy Efficiency
Energy efficiency is becoming a higher priority for tenants, especially those who are responsible for paying their own energy bills. A property with a high energy rating will be more attractive to renters looking to save on heating, cooling, and electricity costs. Consider improvements such as installing insulation, upgrading to energy-efficient appliances, and switching to LED lighting. While some tenants might prefer to pay higher rent for bills to be included, many will appreciate energy-efficient features.
5. Proximity to Work and Amenities
Location, location, location – this old real estate adage holds true for rental properties as well. Proximity to work, public transport, shopping centres, schools, and leisure facilities is key for many tenants. If your property is located in an area with convenient transport links or nearby amenities, make sure to emphasise these benefits. A short commute to work can be a deciding factor for many renters, helping to set your property apart from others in the area.
What Tenants Look for in a Good Landlord
It’s not just the property itself that tenants evaluate – the relationship with their landlord plays a significant role in their overall experience. A positive landlord-tenant relationship can lead to longer tenancies, fewer disputes, and a generally harmonious renting experience.
1. Timely Responses to Issues
Tenants expect landlords to be responsive when it comes to issues that arise during the tenancy. Whether it’s a broken appliance, plumbing issues, or damage to the property, addressing problems promptly is essential for tenant satisfaction. Proactively managing repairs and maintenance will demonstrate to your tenants that you are responsible and care about their comfort.
2. Periodic Inspections and Communication
While it’s essential to perform routine inspections to ensure the property is well-maintained, it’s equally important to respect your tenant’s privacy. Giving sufficient notice before inspections and not showing up unannounced helps maintain trust. Communication should be clear, professional, and considerate, ensuring your tenants feel supported without being overwhelmed.
3. Respecting the Tenant’s Home
Remember that when tenants rent from you, they are renting their home. While it’s important to check in periodically to ensure everything is functioning properly, you should always respect their space. Avoid making excessive demands or dropping by unannounced, as this could damage the relationship. Keeping communication open and maintaining respect for your tenant’s privacy goes a long way in fostering a positive living environment.
How to Retain Quality Tenants
Attracting good tenants is only the first step – retaining them for the long term is what ultimately benefits your rental business. To build long-term relationships with tenants, focus on providing a good experience that meets their needs. Regularly check in, ensure the property is well-maintained, and be responsive to requests.
Offering perks like allowing pets or offering flexible lease terms (when possible) could be additional incentives for tenants to stay longer. Renters who feel valued and respected are far more likely to renew their leases when the time comes.
Conclusion
Attracting and retaining tenants is not just about filling your property with anyone who will sign a lease. By understanding what tenants value in a rental home and fostering positive relationships, you can ensure that your properties remain in high demand. Consider investing in energy efficiency, providing private outdoor spaces, and maintaining competitive rent prices to stay ahead in a competitive rental market.
Additionally, being a good, responsive landlord who respects tenant privacy and addresses issues promptly will help ensure that your tenants stay for the long term. By striking the right balance between property features, rent pricing, and good landlord practices, you can make your property stand out and ensure both you and your tenants benefit from a successful rental relationship.
