Offering clean and modernized rentals key to attracting tenants
While many landlords in the United Kingdom may be experiencing especially challenging times due to an oversupply of residential rental properties in some areas and falling rents in many cities and regions, there are steps that owners can take in order to ensure that their home does not stand vacant for an extended period of time. The most important step for traditional landlords who have long been involved in the rental industry is to make sure that home owners who have recently been “forced” into the sector after having failed to sell their property do not steal the competition by offering prospective tenants much better maintained, more stylishly refurbished houses or flats. There is, of course, also a risk for novice landlords unfamiliar with the market, as they may find their property stand vacant for months, if the home they are trying to rent has not been renovated in recent years, or if its interior comes across as tired and dowdy.
According to a recent article in The Times, the situation is especially problematic in the most well-to-do neighbourhoods of London, where diplomats or high-ranking businesspeople and other foreigners are particularly keen to ensure that the property they rent is updated for the high price that they are willing to pay. Landlords are advised to guarantee that each residential property has new appliances—including washers and dryers—as well as furniture or decor that is relatively neutral and can accommodate most tastes. Lucy Mortons works for W.A. Ellis and recently told The Times that roughly 35 percent of residential properties in Central London are exceedingly difficult to rent, as they have not been refurbished in such a way as to attract tenants willing to pay particularly high monthly rates.
Thank you to Susan Emmett of The London Times for the initial report.