Monday, 21 August 2017

Looking to attract a tenant this summer?

Looking to attract a tenant this summer?

As head of lettings at the Henley branch of Savills, ADRIAN MOODY (pictured) has some thoughts on what it’s going to take to attract tenants this summer

THIS is the ideal time to give your property a health check to ensure it stands the best chance of getting rented quickly.

Many people choose to rent because it gives them more flexibility and the ability to move locations with a minimum of fuss.

And with better quality rental stock, tenants now have more choice than ever.

Tenants now tend to be attracted to “best in class” properties. Rather than being led by geographical location, renters are happy to commute further for their ideal property.

This increased tenant flexibility means appropriate pricing is key to ensuring your property is let quickly.

The greater choice in the rental market means it is important to appeal to the widest number of potential tenants.

Renters are becoming more discerning and landlords must ensure their property is kept in tip top condition to attract interest.

What tenants want...

l Henley is fortunate to benefit from quick rail links to central London, so being close to public transport is crucial for tenants. Good connectivity is normally high on their wish list.

l No matter what the demographic, all tenants want clean, neutral decoration. With more new-build rental properties now on offer, landlords of older stock need to invest in fresh decoration to compete. Opt for a minimalist design to ensure broad appeal.

l If your property has been rented for a long time, significant updates may be warranted. For example, a new kitchen or bathroom. This short-term financial investment is worth the long-term rental gain and tenants will be attracted to good quality fixtures and fittings.

l Most of our tenants tend to be concerned with the amount of storage the property provides. Space for bulky items such as vacuum cleaners and suitcases is a must, and bike storage can also be a real selling point for some tenants.

l For those tenants with a car, allocated off-street parking is highly desirable. If that isn’t possible, consider including a local parking permit in the rent.

l Families tend to be swayed by proximity to the nearest schools or childcare, so close proximity to one of the county’s top schools, such as Rupert House or Wellington College, would be a bonus.

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