If you own an HMO, you will be renting your property out to one of two groups of people; students or young professionals.
Many landlords focus on one or other type of tenants, but at Wingrove Lettings we can provide a service for both and do have some landlords who have properties in both camps/market places.
Student homes often see high demand, high returns and can cost less to furnish, they always need to be furnished and can attract higher maintenance costs but do have a natural break after each 12 month tenancy.
The professional market place often has lower maintenance costs, lower risk of complaints, longevity of tenancy and higher earning potential of young professionals can make them more appealing tenants for some landlords. Choosing professional tenants can also be a mindfield and its critical to get it right and carry out thorough references.
To help you find the tenants you want, we’ve compiled 5 ways you can make your property more appealing to young professionals.
Property Features that Attract Young Professionals
Landlords have to initially make a decision as to whether they want to furnish a property or not. Anything inbetween can be confusing and lead to negotiation at each let as to which furniture is staying or going.
Expensive apartments for well paid professionals who desire a convenient short term let eg 6-12 months will often expect some level of furnishing. The majority of professional lets come unfurnished so if in doubt please ask to meet one of Abode’s consultants. When furnishing a rental property for young professionals, we recommend:
- Fully furnished – with clean, modern and new furnishings. Having your rental property ready to live in will make it more appealing to young professionals.
- Basic items of furniture, sofas and coffee table, small table and chairs, beds, wardrobe and chest of draws.
- Clean open spaces, avoiding any personal belongings or ‘knick-knacks’.
- Ample power sockets in each room for charging mobile phones, computers and other electrical appliances.
- Provide essential utility appliances such as dishwasher, tumble dryer, washing machine and dishwasher.
In addition to the furnishings within the property, there are certain other property features that will appeal to young professionals such as:
- Large kitchen area to allow more than 1 resident to cook at once.
- Plenty of storage space.
- More than 1 bathroom.
- Power shower.
- Sound insulation.
- A-rated rated appliances.
- Double glazed windows.
- TV, Wi-Fi and phones set up and ready to go.
- Smart energy meter.
- Hard flooring, eg not old carpets
Marketing a Rental Property to Young Professionals
Being heavy internet users, young professionals will generally ‘do their homework’ thoroughly before arranging to view a property. For this reason, it’s important that your property is listed properly in the right places – follow our checklist to ensure the basics are right:
- Write a catchy, descriptive title.
- Include details of any furnishings included with the property.
- Make sure the rental price is accurate and visible.
- Provide information about the local area.
- Make any special terms of the tenancy agreement clear.
- Take photographs of the entire property when at its best (Abode have invested heavily in professional camera equipment.) to ensure the best possible images on websites.
Wingrove Lettings Tip – The millennial generation that most young professionals fall into is known as a sustainably-conscious generation. Incorporating environmentally friendly aspects into your property such as energy rated appliances and LED lights can help your property stand out.
Location Is Key for Busy Tenants
This is something to consider when investing in your first buy to let property or expanding your portfolio. Young professionals need a location that allows them to get to work easily, whilst being able to access the town’s nightlife and culture on the weekends. Here are a few desirable attributes of your properties’ location:
- Proximity to transport links – Getting around is essential for young professionals, whether it’s their daily commute to work or their trip into town; immediacy to bus and train routes will make your property more desirable.
- Parking facilities – a reserved parking space or driveway is more desirable than a permit area (and will warrant a higher price).
- Noise – Young professionals value quiet areas where they can put their head down after work. Low noise in the area around your property will also make it more appealing to families and couples.
- Broadband – Something that is often overlooked, but with most occupants of the property using the internet regularly it should be fast to avoid complaints.
- Safety – Whilst at work, young professionals properties are left vacant. The overall safety and crime rates in the neighbourhood should be assessed before purchase.