While demand for rental property is consistently rising across popular cities and areas, with rental costs growing to match, there is a lot of competition for landlords wanting to maintain tenants and avoid potential void periods. For this reason, there’s a steadily growing expectation that landlords and property companies will provide a variety of features and facilities that will drive up value and interest.
Are you a property investor or landlord looking to improve the quality of your rental offering in order to entice more tenants? Perhaps you’re looking to sell your rental property, and want to increase its value in order to make it more of an attractive prospect to potential buyers? For those interested, take a look at this quick list of five different ways that you might be able to increase the value of your rental property.
Furnished apartments and homes are often preferred by tenants that don’t have the time or money to get things sorted on their own, and it’s much more convenient. That being said, it’s important not to be too overbearing with furnishing a place, as tenants want to be able to impose their own personality on to it, making it their own. Particularly in city centre apartments, where space is crucial, going for a minimalist design will not only appeal to tenants but can also save money in the process.
For some inspiration on the sorts of designs you could go for if looking to change, take a look at some of the luxury apartments offered by RWinvest throughout popular UK cities such as Liverpool and Manchester. The designs in their Parliament Square offering, for instance, offer minimalist, sleek interiors that work around the busy tenant’s life while also providing them with as much space as possible.
Include Green Space
Following the pandemic, and months of remote working and living for millions of different people around the world, it should come as no surprise that tenant demands and priorities when looking for new places to live has shifted. Green/outdoor spaces such as gardens and balconies are a priority for those that need a moment away from the madness to refresh and recharge. One popular compromise coming to luxury apartments is communal rooftop garden terraces.
Tip – If your rental property offering has no room for green space – perhaps part of an apartment complex, for instance – try thinking about how you could leverage the surrounding area when marketing to tenants. If your property is within walking distance of a nice park, for instance, this can be the perfect compromise.
Green space may be the most popular feature on a tenant’s list, but technology and tech-driven facilities are another key priority, and something that is increasingly becoming expected in modern property offerings – particularly in city centers. Fibre broadband is perhaps the most common amongst these demands, and again this has really shown its worth over the past twelve months as people have needed a strong internet connection in order to communicate with the outside world.
Tech-driven solutions also include smart equipment and furniture within the home, which through products like the Phillips Hue line of bulbs or the Amazon Echo line of smart speaker assistants are already on a consumer level, but will become a normality in the years to come and increasingly engrained within a building from the get go rather than added in after the fact.