While there is reason to believe that the buy-to-let market in the UK is no longer as profitable as it once was, the average rental yields are still high enough in some regions to deliver a profitable investment. The market is becoming increasingly competitive, however, and the subsequent saturation of the UK with rental homes has made it harder for landlords to lease their properties. Intelligent landlords have looked to adapt with the market, however, by developing creative ways of appealing to tenants in addition to changing rental prices.
Creating a Personalised Rental Space
One of the key frustrations for all tenants is that while they are paying a monthly premium for their homes, they are often prohibited from personalising the interior living space. This is why overly zealous or rigid landlords are likely to lose out in the current market, as tenants have more choice and influence given the ever-expanding number of available homes. Instead, it is landlords with a flexible approach that will benefit from increased demand for their properties, especially if they create more malleable spaces that can be tailored to suit each individual tenant.
Not only will this increase demand and reduce the stress felt by tenants who wish to modify their living space, but it will also save them money once they move in. This can have a highly positive impact on your fortunes, and it can be achieved through the following methods: –
Invest in Free-standing Storage
As a landlord, you are unlikely to invest in fixed furnishings as they contribute to a rigid and inflexible layout. You may also be required to drill holes in your wall, which can damage the integrity of the structure over time. Instead, you should invest in free-standing storage solutions that can be easily moved around the home, especially in typically compact spaces such as the bathroom or kitchen.
Evolve beyond Magnolia Walls
While the idea of a neutral living space remains popular among tenants, the interpretation of this has changed with modern trends. White and pastel shades are far more appealing to tenants in modern times, primarily as they breathe life into the space and offer more options in terms of decorating and embellishing the interior of the property. The infusion of subtle shades and tones also adds a greater sense of personality to the property, making it stand out in a competitive market.
Purchase Multipurpose Furniture
From storage beds to multipurpose chairs and tables, there is a strong trend for multi-functionality in 2015. This helps to optimise the space in new-build homes, while also offering residents the opportunity to create a flexible layout that be changed as their needs evolve. This ethos can be carried out from the kitchen to the bedroom, while providing the option of functional and invisible storage options will enable tenants to put their stamp on the property in a non-intrusive way.