The buy to let market is doing tremendously well – with soaring property prices there are now more renters than ever before. In London, 25% of all homes are privately rented, yet the Government predicts that this could rise by a further 15% in just 10 years’ time.
But with rents in the Capital now accounting on average for between a third or even up to half a renters salary, many tenants are pooling their resources and sharing homes is becoming increasingly common. But with so many property options available, how do landlords know what to provide to set themselves apart from the competition? We look at some key make or break factors for tenants in today’s rental market:
Bedrooms and bathrooms:
Equal sized double bedrooms are the order of the day for just about all sharers and if they come with their own bathroom, then so much the better. Certainly, for a property with more than three bedrooms, a second bathroom is always requested.
Receptions and kitchens:
Large receptions – preferably open plan to the kitchen – tend to be in high demand among sharers. A room that has space for couches and a dining table also effectively creates zones for those living in the house so not everyone needs to congregate in the same area.
Dishwashers and washer / dryers are becoming increasingly requested, especially where there are more than two people living together. With many young professionals in the Capital earning decent salaries, often they don’t mind paying a bit extra for these mod-cons, especially if they are pooling their funds together.
Probably the biggest factor for the professional sharers market is where the property is located and how close it is to good transport links. Many tenants don’t mind a five to ten minute walk, but once it becomes longer than that, especially in winter, the appeal of the property worsens no matter how ideal the interiors.
Access to fast broadband internet is also a key motivation for many young sharers and with property search sites such as Rightmove offering quick property specific speed tests online, it is becoming more important than ever to ensure good speeds are possible.
The majority of professional sharers expect the basics when it comes to furnishing a property and this includes white goods in the kitchen, couches in the lounge and beds and wardrobes in the bedrooms. While landlords don’t tend to command extra rent for furnished versus unfurnished homes, furnished properties for a professional sharer market will always rent quicker and landlords will often have a greater choice of tenants to choose from than unfurnished.
The nice to have extras:
Finally, while many tenants wouldn’t expect it, throwing in added extra’s such as a fortnightly cleaner or monthly garden service can be huge added bonuses for tenants. In addition, these small services will give many landlords peace of mind that their property is being maintained and that it will continue to look great should it need remarketing in a few months’ time.