During recent months, we have seen the residential rental market changing rapidly, as tenants have changed their priorities for their new home. If you are a landlord looking to find new tenants for your property, it is important to take into consideration the new features of a home that the current rental market requires. Of course, all tenants will have different needs, but there are some new trends which are emerging across the board. Therefore, if you are looking to improve your chances of finding an excellent long-term tenant, or just give your property a boost in the market, we are here to help you by identifying these trends.
As so many households are moving out of the city and into the countryside, they are looking to experience more of an outdoor life with their own private, outside space. Having access to the outdoors is an important deciding factor for many tenants, no matter whether this is a garden, patio, or a balcony. It doesn’t have to be a huge garden, but just the ability for the tenants to get some fresh air is very important.
If you are looking to improve your property’s features for the current market, investing some of your time and money into these outdoor spaces will be really worthwhile. A simple landscaped garden or clean and tidy balcony can considerably boost your property’s appeal, especially if it is going to be very low maintenance – perfect for young couples and busy families.
Moving out of the city and into the countryside brings other opportunities, such as getting a pet. As people are beginning to rent for longer, and working from home more often, tenants are looking at additions that make the property feel more like a home than a temporary housing solution. Although many landlords are hesitant to allow pets in their rental properties with the fear of damage to carpets, soft furnishings, and furniture, allowing pets can really help you stand out in the market. Pet-friendly properties are highly sought after, as they are still relatively rare in the market.
Ability to work from home
Does your property have good broadband speeds and an obvious office space? As people move from the cities and more flexible workplace rules apply, working from home is fast becoming the new normal. As a result, you can really make your property stand out If it is obvious to prospective tenants that your property will represent a good working from home base.
Long-term home security
Many tenants are now looking for a high quality, long-term solution, reluctant to move in the middle of an ever-changing pandemic situation, they will be looking for a home which offers not only comfort but long-term security. Of course, while the property needs to be physically safe and secure, tenants also want to know they are in good hands with their landlord. They need the reassurance that if issues arise, they will be dealt with in a timely and fair manner.
Happy tenants stay longer and are often more willing to pay higher rental amounts, so even just allowing them to have a pet, or giving them the option to personalise the interior, they will be able to view your property as a long-term home.
Location is key
Before committing to buying a countryside property, many families moving out of cities look to rent first for a year or two, in order to get to know an area. This is why renting large detached homes in the countryside has become so common, although property supply is rare at the high end. This lifestyle needs to be right for them, so they will be trying to find a home which not only offers the space they desire, but also good local amenities, schools, and convenient transport links.
Why renting your home to tenants is often a better choice than selling
Many home-owners become “accidental” landlords if they have struggled to sell larger properties simply because they represent such a large and often long-term investment for buyers – especially if they are moving to a new area. As we have already touched upon, people moving from the city into the countryside often want to initially rent, as this will give them the opportunity to get to know the area, before committing long-term on a new home. With this in mind, renting your larger property to tenants is often a much better option for vendors, rather than selling.
A perfect example of this at Hancock and Partners was a gorgeous recently let property rental in Stoughton, which was a large countryside premium rental – and proved to be one of the most popular detached houses on our website. After numerous enquiries and an ensuing bidding war between multiple tenants, this lovely home was eventually let well above the asking price. With 6 bedrooms, stunning gardens, a garage, and a boat house, it is no wonder this home was so sought after, as this Grade II listed building is also set within the beautiful countryside of the South Downs National Park, with modern touches and traditional features.
Do you need advice from a knowledgeable letting agent in Chichester?
If you require some assistance in renting your property and would like to find the very best tenants, the Hancock and Partners team would be happy to help. We have the experience to help you secure the best outcome for your property. You can call us on 01243 531111 and a friendly member of our team will be in touch.