5 ways to increase the rental value of a property
- August 04, 2018
- Digital Marketing Agency
New data from ARLA Propertymark has revealed that demand for rental properties in the UK continues to rise. The figures which were published earlier this year found that the number of prospective tenants registered per lettings agency branch increased by 8% in March alone.
It’s not just demand for these properties increasing either. Separate research published by the buy-to-let mortgage lender, Landbay (https://rentcheck.landbay.co.uk/) has found that average rents across the UK have also risen over the last five years.
With demand high and rent on the increase, there really couldn’t be a better time to be a landlord. Approaching a reputable rental agency like Prospect Estate Agents will ensure you get the best rental income from your property but if you’d like some top tips here are 5 great ways you can increase your property’s income:
Go for mass appeal
As tempting as it may be to decorate your property to your taste, remember, it won’t be you living there. Try to keep the decorating as simple and minimalistic as possible. Not only does this increase the likelihood of your property appealing to more people, it also gives tenants a blank canvas to work from. They can then add soft furnishings which are to their taste, so they can really make the place feel like home.
Keep the place freshened up
One of the cheapest ways to increase rental income is for landlords to make sure their properties are well-maintained, are given a good clean and a lick of paint. If a property has been looked after, it will look better for longer and you’re therefore more likely to continue to attract new tenants. Ways you can do this include:
- Keeping any outside areas maintained
- Giving the place a fresh lick of paint before new tenants arrive
- Ensure the property has had a deep clean when people are looking around
- Replacing a tired and out-of-date kitchen or bathroom (not only can this increase the rental value of a property, it often encourages tenants to stay longer)
- Updating old fixtures
- Having modern appliances
Have a good EPC rating
An Energy Performance Certificate (https://www.gov.uk/buy-sell-your-home/energy-performance-certificates) is the rating a property has with regards to its energy efficiency. A is the best rating which means a home is very efficient and G is the worst (least efficient) rating you can get. Having a good EPC rating is in your interest as a landlord because the more energy efficient a property is, the cheaper it is to run. If the windows are letting out a lot of air for example, tenants will be well aware that it will cost them a fortune to keep the place warm in winter.
Add an en-suite
The luxury of having an en-suite bathroom appeals to many tenants, especially those living in shared accommodation. If you have a house of multiple occupation (HMO), try to ensure that as many of the bedrooms have en-suite bathrooms as possible. You will be able to command much higher rents per room than you would be able to with shared facilities.
Can you extend the property?
If space and finances permit, try to think about where you can extend the property:
- A conservatory can add extra living space or enable you to use the current dining room/lounge as an extra bedroom
- A loft conversion can create an extra bedroom with en-suite bathroom
- More people work from home than ever before, so a garden office could be a very appealing prospect
- Few people use their garage these days so convert it into a usable area
Any extension will increase the square footage of your property. With a bigger living space or bedrooms to accommodate more people, you will easily be able to demand more rent.