We truly live in a new era regarding working habits and where we undertake our jobs. The conditions of the Covid pandemic of 2020 forced many of us to start working from home. Business experts predicted this would be increasingly popular as we moved into the new decade, so you could argue that the initial lockdown imposed by the UK government in early 2020 accelerated the inevitable.
Many businesses realised that their employees were just as effective and productive when working from home. With many seeing an opportunity to reduce overheads spent on office space, homeworking is here to stay for many of us. With a workspace now seen as a requirement for many prospective renters, what does this mean for landlords and their property portfolios?
Shifting Priorities for Renters
For many young professionals in the renting market, a suitable workspace is now seen as a vital component when in the market for a home. With many young people opting to have children later in life, if you can tap into this renting market, you can advertise your property portfolio accordingly.
There are plenty of guides that discuss the value of staging and gaining good light levels within a property. If you’re looking to attract a renter, you’ll do well to show how your property is an excellent place to work and live. This might have more value to a renter than a second bedroom, especially considering the single person discount that comes with council tax.
Maximising Office Space
If we consider the importance of home working amongst people in the rental market, we’ll know how important it is to have some form of an office space or place to work integrated within a living area. Whether or not you’re offering a furnished property, you can ensure that any photography that goes out to letting agencies includes desks and working areas, where possible. Showing renters that what you’re offering can accommodate them for work and home life drives more qualified inquiries.
Living Out of the City
One of the most notable trends amongst house buyers has been the migration out of London and the South East in the last year. With house prices in the capital closing many first-time buyers out of the market, many remote workers are looking further afield to make their homes.
Because so many businesses aren’t tying people to a physical office, many undiscovered parts of the UK are seeing an influx of residents looking to settle elsewhere. In particular, Aberdeen and the Scottish North East have varying property options for young professionals.
Incorporate Modern Styles
One of the major turn-offs for people in the rental market is properties that haven’t seen any love, boasting outdated décor or tired fixtures and fittings. It might seem small, but it makes all the difference.
There are plenty of places you can look for inspiration online to give your property a more desirable appearance without spending a considerable amount. By simply painting the walls or replacing a carpet, you can hugely increase the desirability of your rental property, attracting more interest!
The Energy Efficiency Question
One area that has been a specific point of interest for home workers over the last year is the translation of energy bills and how they increase when working from home. The government has given home workers a form of tax relief for the extra cost incurred. An area where landlords might be interested in becoming involved would be through making their properties more desirable through better energy efficiency.
The headlines have been filled with news stories about the increased cost of living and what this means for young people trying to make ends meet. If you consider some ideas about making your rental property more energy-efficient, this can be used as a great marketing tool to make it more desirable to prospective renters. You can look at several different areas, such as double glazing, insulation, and energy-efficient boilers. All of this will help to bring good tenants to view your property.
If the distance from an office is no longer a priority for people in the rental market, landlords will have to think about what else they can use to make their property stand out from the crowd. The conditions of the covid pandemic have shown us to take more value in the places that are right on our doorstep.
The local area where we live is an essential factor for anyone in the market for a new place to live. Talk to your letting agent to see how you can best highlight local greenspaces, transport links and attractive businesses in the area. It might be as simple as spending some time in the area immediately around the property yourself to discover its main selling points.
One of the main areas of interest for any prospective renters is the location of a property. Transport links determine how accessible a home or flat is. This directly affects its desirability and the levels of rent you can charge.
With private car ownership lower amongst the millennial generation, having good public transport links nearby is a necessity for prospective renters. If your property is not in an area close to public transport, this might be a consideration where you’d have to find other selling points.
We hope this article has helped demonstrate some of the different things you can do to make your rental property more desirable to any prospective tenants who are in the market for a new home. The last two years have been unprecedented, showing the value many people place on their homes and immediate surroundings.
Try and incorporate some of the advice we have included in this piece. You can increase the chances of gaining good, long-term tenants who enjoy the living and working space you have created for them. As the housing market keeps many people from buying their own homes, it is the duty of landlords to ensure that comfortable and suitable homes are on the market for those who need them.
This article was written by Chris Smith. Chris is a writer and blogger. On his site Spend It Like Beckham, he writes about a number of different topics relating to finance. He has also written for a number of high-profile publications such as The Huffington Post, The Telegraph, and The Guardian.
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Millie is a perfectionist with a passion for property and writing articles. You’ll find her researching the latest housing trends and the newest up and coming areas worth investing in. Read more about Millie here.