Posted on: 07 September 2020
As a landlord, attracting the right kind of tenant to your buy to let property is vital in making sure that you have a reliable, trustworthy and responsible person living in your rental investment.
As a result of the COVID-19 pandemic, many renters are considering if their current rental home continues to meet their personal needs. This could be for a range of reasons. Changing work requirements may require more homeworking so commute time is no longer an issue; outside space could become a must-have requirement should a second wave lockdown happen. This could lead to an influx in rental property demand as renters look for new properties.
When trying to attract a tenant, consider what your ideal candidate is looking for in a property. If the property isn’t right for the tenant, they may leave after a short-time, and you’re back to finding a new candidate again.
Take a look at some of the attributes that we have identified that your property may need if you want to attract the right kind of tenant.
What might a tenant look for in a property
The location of a property can play a huge part in whether or not a candidate will choose your property, as a good location can be convenient for things like work, shopping, schools or leisure activities.
Once you have bought your rental property, it’s not as if you can change the location, but finding the positives of the location and pointing those local amenities to tenants can be what may persuade them to choose your property over another. For instance, is it near to the local train station, schools, close to the main bus route or are there any local parks nearby.
How safe a property is will also be a large consideration for tenants when they are deciding on a property to move into.
Safety and location can often go hand in hand, with some areas of the country having a poor reputation for security, but with the correct measures in place, most properties can have their security bolstered.
3. Outdoor spaces
Something people quickly realised during the COVID-19 pandemic was that they didn’t like being cooped up indoors for too long.
An outdoor area can be a huge draw for residential property seekers, especially if they have children or you allow them to have a pet.
Again, an outdoor space isn’t always possible with all properties, but if there is room for an outdoor space, consider making changes to your property to allow this space to be fully used. Also consider ease of maintenance of outdoor space and kerbside appeal.
4. Home Office areas
Another change that came about because of the COVID-19 pandemic is the number of people who are now working from home. According to the Office for National Statistics (ONS), 46.6% of people employed in the UK worked from home, almost all of whom (86%) said that this was because of COVID-19.
Because of this, home seekers may be looking for a space in the house that they can use as a home office.
Whilst you may be limited to the number of rooms in the property, making sure that at least one room has sufficient access to power points, can receive solid internet connection and has sufficient light sources, whether this is natural light or enough power for good lighting or additional lamps will make the property more attractive to prospective tenants.
5. Allowing pets
Many people who lived on their own during the COVID-19 pandemic suffered from loneliness, but continue to live on their own even after the lockdown ended.
Sometimes a little pet friend is all that is needed to help your tenant feel less lonely, so allowing your tenants to have a pet in the property can help their mental health.
You may have to include some extra clauses in the contract that you have with your tenant, such as what happens if a pet damages your property.
Further COVID-19 guidance for property owners
To help you continue to manage your property whilst COVID-19 remains a threat, take a look at some of our other articles:
- 7 essential insurance covers for landlords and commercial property owners.
- How to prepare for a second wave of COVID-19.
- COVID-19: Mental health and returning to work post-lockdown.
- Commuting to work whilst COVID-19 is still a threat.
- What is Phase Three of the UK Government’s COVID-19 plan?
- Display Screen Safety when working from home.
Business insurance with Premierline
Every property owner in the UK, residential landlord or commercial landlord, will have insurance needs unique to them. This is why the insurance advisors at Premierline will assess your insurance requirements and find the right landlord insurance package for you.
Compare business insurance
Business Guidance08 July 2019
The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.