Fire safety advice for landlords
- 3 December 2014
- Tips for Landlords
In 2012 to 2013 the fire and rescue service attended 192,600 fires. More than a third of the fires which were in…Read More
With the housing market in London booming at the moment, more and more people are looking to rent a flat in London. This is very good news for buy-to-let landlords as this increase in demand can drive up house share rental prices and provide a consistent and lucrative return on investment.
Typically, people looking to rent flats in London are young professionals. Young professionals will typically be looking for flexibility when choosing a house share. They will be busy and on the go, so the key to attracting the young professional crowd is making the process as easy as possible for your tenants.
With this in mind, we have come up with 8 short tips to make sure you effectively engage with the largest rental market in London!
1) Don’t make them commit for too long.
At this time in their lives, many young professionals will be unwilling to commit to long tenancy agreements so don’t begin with a 12 months contract. Start with a 3 months minimum lease and then take it from there.
Location will always be the first thing which people look for when looking for a flat to rent in London. If you have chosen an up and coming area or an area you believe will soon flourish – make sure the transport links are good. People rarely want to walk for more than 5-10 minutes and the prices of properties close to tube stations will always be significantly higher.
3) Kitchen/Living Area.
Open plan kitchens/living areas tend to have high renter demand. When tenants in a house share can break the space up with a sofa and a table, it creates the effect of two separate rooms.
Dishwashers/washer+dryers are becoming increasingly important to young professionals looking to rent a house in London. If a few are pooling their money together then they will be happy to spend a little extra on these extra facilities.
If you have a house with 3 or more bedrooms, two or more bathrooms are essential.
Double rooms are most highly in demand, ideally or a similar size in a house share.
6) Internet Connectivity.
A fast internet connection is a major draw to young professionals nowadays. Spending a little more on a better internet can instantly pay dividends.
Most house share renters in London will expect the bare essentials when it comes to furnishing a property (beds + wardrobes in bedroom, basic appliances in kitchen, sofa + tables in the kitchen).
Furnished homes don’t rent for more, but you are likely to find a greater number of renters available to move in more quickly to a furnished house share.
While not seeming important, small extras could make all the difference when it comes to renting a flat in London. For instance, providing a television or offering a monthly cleaner or gardening service.
These services can raise the overall level at which potential renters consider the property, and could help to justify a price which may initially have seemed expensive.
Thus it can be seen that with a few simple areas of focus, a buy-to-let property can be turned into the perfect London house share! You can find the perfect tenants for your flat by using our free online property portal!