Posted on Monday, November 5, 2018
As a landlord, it’s beneficial for your investment if you keep up to date with trends in the private rented sector (PRS) and focus on how to attract long-term tenants.
It’s widely believed that family renters, in general, make good tenants, with recent research by the National Landlords Association (NLA) suggesting that properties rented to families take up the least amount of property management time (up to eight hours a week) compared to other tenants.
If you haven’t already, it could therefore be worthwhile to consider letting your property to families as more enter the PRS. A study by Cambridge University revealed that the number of families with children renting private accommodation soared by 86% over the past five years – more than double the increase across all households (41%).
There are a host of benefits that come with renting to families. For example, tenants with children are typically farther along in their careers than younger, single tenants. They are also more likely to stay put to avoid uprooting their children, especially if they attend local schools.
In fact, the number of households with dependent children in the PRS increased by almost one million between 2006-07 and 2016-17, according to data from the English Housing Survey.
As renting a home is becoming an increasingly popular option for many families, landlords should take advantage of this growing market. If you have a rental property that could be perfect for this demographic, it’s useful to know the best ways to attract families.
Safety and security
The safety of a property is one factor parents will value highly when it comes to renting, especially if they have young children. This means small cost-effective measures – such as safety locks on toilets, ovens and windows – can go a long way. Double-checking that railings and banisters are secure, as well as installing security systems, could also impress prospective tenants, as they are likely to check these details.
Location, location, location
For most families, location plays a key role in deciding on a rental property. Most parents will want to be within the catchment area of good schools and child-friendly amenities such as playgrounds, leisure centres and parks. If your property happens to be in a family-friendly area, this could vastly improve your chances of attracting young family renters.
An ideal family home consists of two, three or four bedrooms with parking (preferably a driveway), plenty of space and enough storage. While it can be expensive and time-consuming to change the number of rooms in your property, you can consider turning a spare room into an extra bedroom. Any other unused space – such as a garage or basement – could perhaps be converted into a game room or play area.
If there is one factor in a home that young children really desire, it’s a garden and other outdoor space. If your property has access to outdoor space, you will need to ensure that it is free from any hazards and keeping it as neat as possible. Consider artificial grass as a softer alternative, and make sure that the area is secured with a stable fence.
As the number of family renters continues to rise, now could be the right time for you to consider letting to this demographic. By taking some of the above advice into consideration, you can improve your chances of attracting the best family tenants in the shortest time possible.
Here at Keys and Lee, we assist landlords in Romford throughout the lettings process. For more information on how we can help to rent out your home, contact us on 01708 766 241.
And to find out how much you could be earning in rent each month, you can also request a free online lettings valuation.