Every landlord wants to achieve the highest rent possible on their property investment, the good news is, while rent averages are largely dictated by the area of the property and the current rent market, there are things you can do to bring your property into a higher rent category, let’s take a look.
Look After the Basics
The basics of letting out your property for higher rent are keeping it well maintained in between lets. A fresh coat of paint, durable furniture, a tidy and clutter-free outside space and up to date, high economy appliances are all desirable for any tenant who is paying higher rent.
Refurb High-Use Areas
Rental property kitchens and bathrooms are high traffic areas and tend to become more shabby with use over time so it’s important to spend some time properly refurbishing these areas. As well as high quality appliances and amenities, look for and solve deeper problems that could be occurring such as mould or leaking pipes.
Add a Room
Depending on the size of the property, adding another room will guarantee higher rent prices and also increase the overall property value! Is there loft or attic space that can be turned into an extra bedroom? Is there potential to add and extension to create a family room or a bigger kitchen?
Create a Niche
Whilst there are a lot of people looking for rental properties, you could charge more rent on your property if you can cater for a niche market who are willing to pay extra for the perfect dwelling. Could you cater for tenants with pets and charge more for the privilege? Have you looked into corporate clients who expect a high standard of living but are willing to pay a significant increase in rent?
Can You Offer Extras?
Finally, can you offer something which others properties in the area don’t have as standard? If parking is a problem in the area, could you charge more rent for a large private driveway? Also consider offering something people need and include it in the higher rent such as fixed broadband or upmarket security measures.
We hope this blog has helped you think a bit differently when it comes to achieving higher rent as a landlord. If you need more property help and advice, don’t hesitate to get in contact with our experts here.