What are Tenants Looking for in a Long-Term Rental Property?

Written by  //   //  Property  //  No comments

What are Tenants Looking for in a Long-Term Rental Property?

An increasing number of UK households are now living in privately rented accommodation. Renting has become a long-term housing option for more people than ever, and tenants who are looking for a home for a longer period have slightly different needs. Long term tenants can provide landlords with a steady income, less void periods and a range of other benefits. Because of this, savvy landlords are targeting long term tenants specifically, and there are several ways you can do this too.

Many countries in Europe are mainly based on a rental model, with many tenants living in their rental property for years instead of buying. The UK seems to be following this trend, and It’s been forecast that by 2021, a quarter of UK households will rent privately. The number of UK renters has doubled over the past decade and a future of renting seems likely for many, especially young people. Now it is around five million people and as the UK rental market continues to expand, smart landlords can make the most of the opportunities that long-term tenants present.

To appeal to long term tenants, it’s essential that your buy to let property is in a great location. Look at the area and make sure it is close to transport links, popular workplaces and good schools. A convenient location is one of the most important factors when it comes to rental property and if the location is perfect then tenants are more likely to stay. Affordability is another key factor and making sure that your property is at a good price compared to similar properties can also make it more attractive to tenants. Property investment companies like RW Invest are offering high end properties that are perfect for long term tenants, with lucrative returns for investors too.

Tenants who are planning on staying in a property for a long time are often looking for a property that they can put their own stamp on. Sometimes unfurnished property can be better for long term tenants, or if the property is furnished, then high quality, long lasting furniture is key. A high-end kitchen and bathroom are essential, as the tenant will have to use them for several years and won’t want to have to put up with inconvenient DIY work or improvements taking place in their home. It’s worth making sure these rooms are top notch, and really wow the tenants who are planning on living there. It might also be worth relaxing your pet policy as often long-term tenants would like to bring their pet with them to a new home. Setting a limit, like no more than two cats, and allowing tenants to bring their own furniture are ways to make sure your investment is protected, without restricting your market.

A quick response to issues is another key element that is important to tenants. Knowing that they can reach a maintenance service, or the landlord quickly and efficiently is a good reason for them to stay in the property for longer. Having unresolved issues and a difficult process will make them more likely to try move on. Being available for contact or having a company be there for you can be a great advantage for tenants. Making sure a property is safe and secure is another vital responsibility of any landlord. Having a smoke alarm or carbon monoxide alarm, security system and PAT testing any electrical items are all part of being a landlord and offering a safe home to long term tenants.

Leave a Comment

comm comm comm