Rental prices in the United Kingdom increased by around three percent over the past year. The increase is the highest rate of growth since 2016. Despite this overall increase, rental prices in London saw more modest growth of just under two percent.
There are several things landlords can do to increase the marketability of their rental property. While some measures, like painting and repairs, may be costly, others, like signage and advertising, are relatively easy and inexpensive. Here are some tips to make your rental property more attractive to potential tenants.
Ensure the proper maintenance of the property.
Ensuring the proper maintenance of the property is essential to making it attractive to potential tenants. By keeping the property in good condition, you can avoid any costly repairs that may be needed down the road. Additionally, regular cleaning and landscaping will help to make the property more inviting.
You should also work with a reputable commercial EPC service provider. The provider can show the property’s energy efficiency and make it appealing in the market. Tenants prefer renting properties that allow them to save on utilities. So, they will be more likely to choose your property if they know it is energy-efficient.
While you want to keep costs down, some updates and improvements can make a big difference in the marketability of your rental property.
Some simple and relatively inexpensive updates include:
- Repainting – A fresh coat of paint can do wonders for the appearance of a property. When choosing colors, go with neutrals that appeal to many people.
- Updating hardware – Replacing old and outdated hardware, such as door knobs and cabinet pulls, can give the property a more modern look.
- New flooring – If the existing flooring is in poor condition, consider replacing it. Carpeting, laminate, and vinyl are all popular choices for rental properties.
Making even a few updates can help make your rental property more attractive to potential tenants. By taking the time to improve the property, you can help to ensure that it will be rented quickly and for top dollar.
Promote the property on different platforms.
One of the most important things a landlord can do to increase the marketability of their rental property is to promote it on different platforms. This means listing it on websites like Craigslist and Zillow and using online services like HotPads or PadMapper to help potential renters find your property. It also means having a quality rental listing that showcases your property’s best features. Creating an excellent listing is key to attracting quality tenants and reducing the time your property stays vacant.
Another important way to market your rental property is through word-of-mouth. Talk to friends, family, and colleagues and let them know about your listing. You may be surprised at how many people are looking for a new place to live and would love to hear about a great property you have available.
Overall, using multiple marketing platforms is the best way to ensure that your rental property is seen by as many potential tenants as possible. By taking advantage of all the latest technology and techniques, you can ensure that your property is rented quickly and easily.
Offer amenities and extras.
When marketing rental property, it’s crucial to consider what amenities and extras you can offer tenants. This can be anything from a swimming pool to a fitness center. These extras can set your property apart from the competition and make it more appealing to potential tenants.
There are several benefits to offering amenities for your tenants. First, it can make your property more marketable. People looking for a place to live often want something with all the bells and whistles. Offering amenities can make your property stand out from the rest and make it more appealing to potential tenants.
Second, amenities can help attract high-quality tenants. Quality tenants are essential for any rental property – they will keep the property in good condition and help maintain the value of your investment. Offering top-notch amenities can attract high-quality tenants looking for a luxurious living experience.
Third, amenities can help reduce turnover rates. High turnover rates can be costly and time-consuming for landlords. However, by offering great amenities, you can encourage tenants to stay longer and reduce the amount of turnover you experience. This will save you time and money in the long run.
So if you’re looking to increase the marketability of your rental property, consider offering some great amenities! They can make a difference in attracting quality tenants and reducing turnover rates.
Ensure the rental price is competitive.
A competitive rental price is essential for several reasons. First, it ensures that your property is aligned with what other landlords are charging in the area. You may lose potential tenants to other properties if your price is too high. Additionally, a competitive rental price helps to ensure that your property remains rented out for as much of the year as possible.
If your price is too low, you may not be making as much money as you could be. However, it’s important to remember that your rental price should be based on the market conditions in your area and what the property is worth. Setting a price too high or too low could hurt your chances of finding a tenant or cause you to lose money on your investment.
Following these tips can increase the marketability of your rental property and get it rented more quickly.