At Addison Giles, we are pleased to say we work closely with many local landlords. We know what tenants are looking for, and we understand how you can best connect and engage with this market. Landlords should seek to maximise their rental yield, and their rental income and the right sort of tenant makes all the difference in achieving your property aims and goals.
Price is always going to matter
The cost of letting impacts on virtually every tenant, so it is vital you know what your local market looks like. You don’t need to charge the average rental fee for your type of home in your area, but if you want to charge more, you must be able to justify the increase in the rental price.
Also, think about the type of tenant you wish to let to, and then ensure your charge a rental fee which is acceptable for this style of tenant. Price is far from the only factor that matters in reaching the best tenant, but it is hugely important.
Location is crucial in finding the right tenant
If you already own rental property, there may already be a suitable type of tenant for your accommodation. If you are looking to invest in property, consider who your most suitable tenant is, and then purchase property in a location that is suitable for them.
A landlord that intends to let to the student market should look for property that is close, or accessible, to campus and the main student entertainment venues in your town. If you let to young professionals, a city centre location is likely to be of benefit. A landlord looking to rent to young families should look for suburban areas that are good commuter hubs.
The ideal location for one tenant depends on their circumstances and needs. A fantastic place for one potential tenant may be entirely unsuitable for another tenant, so make sure you think about the location and pair the property with the tenant you wish to reach.
Size matters in the rental market
If you already own property, the number of bedrooms impacts which you should market the rental accommodation to. If you wish to reach a specific type of tenant and you haven’t invested in rental property yet, think about how many rooms your ideal tenant needs, and then look for properties of this size.
Locating your ideal tenant, and letting to them enhances your chances of enjoying your time as a landlord. This outcome can also help you make more money and worry less about void periods. If you need guidance in letting your property, contact Addison Giles, and we will be more than happy to assist you.