London’s rental market is in a deep crisis.
The inflated cost of living, hefty hikes in rents, and the risk of inflation looming over the UK have led to a record exodus of renters, as many plan to move to other parts of the country in search of more affordable accommodation.
The result: rapid cooling in rental home demand leading to a sharp fall in rents.
For landlords whose incomes are getting hard hit by inflated mortage rates, this could be a ‘perfect storm’.
In light of the current state of housing, the London Post has shared a guide for landlords looking to improve their homes’ value to entice more tenants.
How to Increase Your Home Value
Except for the location of your home, there’s a whole lot of things you can do to justify higher rent and increase your profit margin, such as:
Improve Curb Appeal
Improving the curb appeal for a rental property is a great marketing strategy for homeowners looking to draw the attention of prospective tenants.
One of the best yet affordable ways to boost the marketing of your rental property is to spruce up your building’s paint job with a new colour or a fresh coat. Nothing says quirky quite like a bold colour. A brilliant splash of colour makes the exterior of a property visually appealing, thus attracting more prospective tenants to land on your advertisement. However, you don’t need to turn your grey and white house into pink and blue. Brightening up the siding, mailbox, or front door can help bring in a bit of character to even a basic palette.
Apart from that, well-manicured landscaping, a squeaky clean exterior, attractive lighting, a high-tech entrance, etc., can help improve your rental property’s curb appeal.
Add Luxurious Fixtures
To increase your home’s appeal to high-net-worth renters, upgrading to luxury fittings and fixtures is always a sensible investment.
Adding deck lighting, upgrading bathroom fixtures, replacing outdated bathtubs for designer tubs, etc., are a few ways you can create a buzz around your property.
Boost Your Online Presence
Advertising your rental property is critical, with at least 73% of prospective tenants turning to online sources for their search.
With digital marketing, you can add an upswing to your renter selections while also minimising empty rental periods.
For landlords who want to be less hands-on yet need professional marketing for their homes, hiring a real estate service like award-winning Quintessentially Estate is a sensible business decision.
Combining a multi-faceted, multi-channel property advertising approach with a thought-out marketing strategy, a professional service ensures a client’s property gets maximum traction on rental sites.
On top of that, high-end real estate services frequently collaborate with blue-chip and leading relocation businesses to ensure landlords get access to a greater pool of high-calibre renters.
Make Sure You Have All Relevant Checks Up to Date
As a landlord, you have a spectrum of compliance obligations to adhere to, and it grows year by year.
Ensuring all regulatory compliance checks are up to date is a legal requirement that ensures your renters are safe in a home that’s energy efficient and offers deposit protection, fire and gas safety, and more.
Failing to meet regulatory compliance can lead to hefty fines or charges, so it’s not something to skirt around.
Being transparent and explaining everything to your renters is an impactful approach that exhibits your care for your property.
Even though the current economic upset and soaring rents are forcing tenants to leave London, landlords can maximise their property value by following the home improvement tips featured above.