What Landlords need to know about Generation Rent
The London property rental market has evolved dramatically- especially over the last 10 years. There has been a host of legislation implemented however there has also been a seismic shift in the general attitudes towards renting property. For Letting Agents and Tenants alike, this is no longer seen as the 'poor cousin' to buying but is a genuine lifestyle choice by those who don't want the responsibility that comes with owning a property and the lack of flexibility.
So, what do London Landlords need to understand about Generation Rent to make sure their properties appeal to this ever-growing section of the renting economy?
Design & Style
The layout and style of a property is vital. A 'magnolia' rental (with choices made so that no one can truly hate anything) is a major 'no-no'. Today's tenants are usually deisgn concious and, just like the clothes they wear or accessories they choose, their home is an extension of this. Being stylish doesn't mean it has to be expensive- there are lots of brands that make affordable products similar to high-end brands. Don't worry about putting someone off- challenge yourself to make some of them utterly fall in love with your home. You can find inspiration here.
Tech is key
You can take this as far as you want but almost every London tenant is tech savvy. You can implement small changes such as changing wall sockets to ones which include USB ports or installing bulbs that can be controlled via an app. Maybe you want to upgrade the thermostat to a smart one that can be controlled by a smartphone- the ones from Hive are fantastic. The array of smart technology for the home really is quite endles and, with more tech released almost every day, you can keep evolving. With so few rental properties currently being smart, this is one true way to make your property stand out from the crowd.
Bikes, bins, etc
You need to spare a thought for the storage of bicycles- there are some very cool solutions whether you are looking for space-saving ones or ones that make the bike a feature. Tenants are often switched on about recycling, so make sure you accommodate this as best you can with good bin & recycling faciities both inside & outside the property.
All-inclusive and more
Tenants love it when they get that little something extra- even if they are paying for it in the rent. It's therefore worth thinking about whether you want to include any services in the rent you charge. This could be something fairly essential such as Council Tax & Utility Bills or could be something more luxurious such as a regular cleaning service. You can then think outside the box and add in things like a Netflix account, a brilliant media system, monthly credit on deliveroo, free cinema tickets......whatever may float their boat.
With renting becoming a viable, long-term option for many, tenants are looking to create a home. For many, this can include the addition of a pet. This is nothing to be afraid of- quite the opposite. Tenants with pets tend to stay longer and usually make for good Tenants. You do need to ensure you 'reference' the pet, secure an additional deposit (we recommend an extra 2 week's rent) and make sure the tenants sign a 'pet rider' to cover any unruly behaviour.
These are just some of the ways you can make sure your rental property appeals to the growing demographic that is- Generation Rent. Changes like this will minimise voids, drive up rental values and attract the best tenants out there.
For more excellent top tips on making sure your London rental property investment performs at its best at all times, contact one of our friendly base staff.