Life as a landlord is never plain-sailing, especially with the rental sector more than doubling since the early 2000s. But with the rise of ‘Generation Rent’ and more than more than half of 20–39-year-olds expected to be renting privately by 2025, their expectations are higher than ever.
There has been an obvious increase of new market leaders in the rental sector, such as the huge Build to Rent developers who are taking over the cityscape. So, it’s now more important than ever to provide a high-quality rental experience for your tenants who are willing to spend more money on their monthly rent.
Want to know how to attract these high paying tenants? Keep reading to find out.
Focus on interior design
Unfortunately, the go-to interior design choice for many landlords is bland and uninspiring. However, modern renters really value the aesthetics of their homes and place great importance on their interiors – with 70% of renters feeling that the overall interior design of their home is important or very important.
If you want to attract the higher paying tenants, decorate and furnish your property in a way which makes the design more memorable. With nearly 30% of renters who would like their home professionally designed by an interior designer, the demand is certainly there. It’s time to ensure you give your rental the real appeal and find the right tenants to pay the rent your property deserves.
Invest in high-quality furniture
28.6% of all renters say they’re willing to pay more rent for higher quality furniture, so it’s time to source well-built, durable pieces which stand the test of time. You may feel the urge to head to the high street, where the cheaper prices may entice you, but you need to keep in mind that the stores are catering for the wider public, not necessarily your ideal tenant.
If you are looking for the perfect furniture collection which is durable, and not going to break the bank, Hatch offers a curated furniture pack which includes all the furniture your residents need from their rental experience. We have a team of interior designers who will work with you to understand exactly what the property needs to make it stand out on the market and attract the high paying tenants you’re looking for, without you having to lift a finger.
Consider letting a pet-friendly property
Pet-friendly accommodation is few and far between, but renters are always willing to spend more if they can have the flexibility to get a furry friend. A survey by the Dogs Trust indicates that 78% of pet owners struggle to find pet-friendly accommodation and 54% never find a suitable home – so the demand is certainly there.
There is a greater risk of wear and tear in the property, but you have the added benefits of longer tenancies, shorter void periods, as well as the opportunity to charge more rent. If you do choose to accept pets, you will be opening yourself up to a completely new market.
Offer flexible lease options
One of the huge reasons why Build to Rent developments stand out compared to traditional PRS options is due to their flexible lease options. Whether a tenant with a family is looking for a long-term home for the next few years, or a tenant would prefer a month-to-month option due to their heavy travelling schedules, tenants are willing to pay more for this flexibility,
If you were willing to offer month-by-month rate, you will be pleased to know that the rental fees are already much higher. If you were to pair this with high quality furniture and a professionally designed interior, you are going to be generating a lot more income than you would otherwise from already high-paying renters.
If landlords want to attract and keep high-paying tenants, these are just a few ways to do so. Do you want to learn more about our recent tenant research? Be sure to download our e-book, which examines ‘The Modern Renter’ – so you can learn exactly what your tenants want.