There are a huge number of landlords in the UK – 2.5 million to be exact. That’s a lot of rented properties and a lot to compete with when putting your own rented property on the busy rental market.
So, how do you make your property stand out amongst the rest? One way to do this is to decide who your appropriate target audience is and to cater to their needs. You may need a letting agent or someone who knows the market to help you with this, but if you had a small, two bedroom townhouse in a busy, lively area for example, you might find that it will catch the eye of young couples.
Young couples are a great demographic to market to. Plus, there’s a lot of them out there as many choose to rent before committing to a property purchase later down the line. Here’s a few easy ways to make your buy-to-let irresistible to this profitable group of tenants.
Location, location, location
Whether you have bought your buy-to-let property yet or not, location is arguably the first important factor to consider. Young couples may not be rife in every area. Generally speaking, they will be less likely to be looking for a home in a quiet village. You can assume that most will want to be near transport connections, amenities and close-by to towns and cities where they might work and socialise.
If you already have a buy-to-let and you think young couples could be your perfect demographic, make sure you highlight what’s in the local area when marketing your property. For instance, the property is a five minute walk from the train station, shout about it. If there’s a handful of shops and amenities at the end of the road, shout about it.
Furnished or unfurnished?
Young people will generally look for a property that is furnished – especially if they are moving out of home for the first time. From a tenant’s point of view, a furnished property allows them to avoid shelling out for all the furniture they need and it allows them some flexibility if they are perhaps between properties, living somewhere for work or still unsure where they will ultimately be settling.
A furnished property would need to include kitchen fixtures, white goods, bathroom fixtures, flooring and curtains/blinds, beds, storage, sofas and a table and chairs. Basically, everything a tenant would need in order to live comfortably.
If you do decide to include furnishings within your property, make sure that they are new and in good working order. Don’t include anything damaged and old. IKEA is probably one of the best places to get hold of modern, affordable but basic furniture that suits the majority of personal tastes. And don’t forget – if you are including furnishings then make sure you compare landlord insurance policies so that you have the right cover should you encounter any damage.
Add in a few hooks
This applies to attracting any type of tenant, but add in something exciting that they won’t be able to refuse. When appealing to young couples, perhaps you could create a social space for your potential tenants to host their friends – be this a sociable paved or decked outdoor area, or open-plan living with a spacious kitchen diner.
The garden is a good place to focus on if your property has one. Could you create a low-maintenance space with a BBQ area? If budget allows, could you even install an area for a hot tub or transform a shed into an outdoor bar? Remember – it’s all about giving your property ‘the edge’.
If you have the right kind of property in the right kind of area, young couples can be a really great type of tenant to attract. They will simply be after somewhere low maintenance, clean, fresh, modern and basic that gives them the opportunity to discover their own style, with a sociable space for them to enjoy. If you can tick these boxes, then you certainly won’t be short of tenants.