Whilst much has been written about competition for the best rentals among prospective tenants, there are certainly enough properties available to allow tenants to choose the better quality flats and houses first. For you as a landlord or a property investor, having a desirable property translates into achieving higher rents whilst maximising occupancy.
So, what makes a flat desirable? There are obvious factors, such as location and number of bedrooms that can't be changed. However, a surprising number of small adjustments can make the difference between a property standing empty or being snapped up:
1) First impressions count
Make the property look fresh, welcoming and cared for. A new lick of paint will make a huge difference to someone looking to move into a new home. At the same time, you are showing tenants that, as a landlord, you care about the state of your property, encouraging them to look after it better.
2) Make your property energy efficient
If you are looking to invest in your rental property at all, improve its energy efficiency. Cavity wall insulation, double glazing, energy-saving light bulbs and efficient white goods are some of the ways you can help tenants lower their utility bills, making your flat more desirable.
3) Deep clean the property
Invest in oven cleaner, grout stick and a professional carpet clean. Showing your property at its best does not necessarily mean redecorating. Investing in a professional clean might well do the trick.
Is it all worth it? A recent study by Strutt & Parker found that those who regularly invest in the maintenance of their investment, even with a sitting tenant, spend less over a three to five year period than landlords who wait until things get dire.
Looking at Edinburgh, there is strong tenant demand, but at the same time, tenants do have a lot of choice, making desirable properties fly off the shelves.
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