Property USPs to Increase Rental Revenue
In the competitive landscape of rental properties, standing out from the crowd is essential to attract tenants and maximise rental revenue. Beyond location and price, unique selling points (USPs) play a crucial role in capturing the attention of prospective renters and setting a property apart in the market. From smart home features to luxurious amenities and exterior additions, property owners are increasingly leveraging distinct additions to enhance their rental offerings.
Why Renovate a Rental?
Landlords should invest in rental renovations to boost the appeal for prospective tenants and ultimately means they can charge more for the property. While it means an initial investment, the profits long-term can be extensive. Making smart renovations now also means that if you choose to sell up in the future, the property is already primed for a buyer's market.
A modern, well cared-for property that makes the best use of the available space is guaranteed to be more appealing to tenants and this can help boost your reputation as a landlord. But what are tenants seeking in a rental home? These are a few of the areas landlords should prioritise.
Outdoor Amenities
If your rental property has a garden or patio area, maximise this space to make it more practical for tenants. An inviting outdoor space is becoming an increasingly important feature for renters seeking properties that offer comfort and relaxation. In urban environments where green spaces are limited, the inclusion of outdoor features at home can significantly enhance the appeal and value of a property.
When updating an outdoor space, remember that you want it to remain as low maintenance as possible. No-one wants to take on a property where they need to be tending to the garden every weekend. Think luxury socialising and functionality, from luxurious pools and inviting hot tubs to alfresco dining areas that allow tenants to unwind and enjoy the outdoors without leaving the comfort of home. These features make a property feel luxe and contemporary, something people are often willing to pay more for.
Smart Home Features
Smart home technology has emerged as a significant driver of rental appeal. Tenants increasingly seek residences equipped with the latest in automation and connectivity, transforming ordinary living spaces into modern, efficient environments. From smart thermostats that optimise energy usage to security systems that offer peace of mind, the integration of smart home features elevates the rental experience for tenants.
One of the most coveted smart home additions is the smart thermostat, which allows tenants to remotely control heating and cooling settings, leading to energy savings and personalised comfort. Similarly, smart lighting solutions offer convenience and ambiance control, allowing tenants to adjust lighting levels and colours according to their preferences or schedules. Smart door locks are a useful addition to a rental too, enabling keyless entry and eliminating the need for physical keys.
Sustainable Features
Saving money on bills is the top of everyone's priority list right now, but with the climate crisis looming over us, sustainability is also of paramount importance to discerning tenants. You want to create a property that's energy efficient and cheaper to run to reduce the cost of energy bills while also being more comfortable to live in.
Energy-efficient appliances consume less electricity and water, resulting in lower utility bills for tenants and reduced environmental impact. Likewise, installing solar panels or utilising renewable energy via heat pumps can significantly offset energy costs and decrease reliance on fossil fuels, reducing carbon emissions and promoting cleaner energy consumption. Low-flow fixtures, including taps, shower heads and toilets, also conserve water without sacrificing performance, helping tenants minimise water usage.
Open-Plan Layouts
The layout of a property is often overlooked but it can make a big difference to how a home is perceived during viewings, and ultimately whether tenants want to live there. Consider the difference between a small and stuffy flat with narrow corridors and awkward nooks, compared to an open-plan layout that's bright and easy to navigate.
Sometimes, knocking down a wall or two can make a home feel completely different and it isn't as much work than it might seem on paper. For example, non-load bearing walls between the kitchen and living or dining rooms can create a more flexible layout that's easier for tenants to decorate with their own furniture. Or maybe you transform a two or three-bedroom home into one bedroom less but a better size that's more accommodating for families. Just make sure you call in the experts to ensure that the walls you take down are safe to remove and won't affect the structural stability of the home.
New Flooring
Floors might not be the first thing you think of when creating a must-have rental property, but flooring can quickly date a home, especially in rentals where it becomes worn and tired very quickly. It's an off-putting feature that tenants will notice, so updating it can be money well spent.
Hardwood floors often cost a lot more than carpet, but they last much longer and really elevate a home into something modern and desirable. It handles foot traffic and spillages much more easily, so it's a practical solution for a rental. Don't have the budget for hardwood? There are several high-quality LVT brands that offer the look of hardwood without the cost. Or you could swap out carpeted areas for vinyl which is easy to install yourself and makes a huge difference to the look of a rental home, as well as being easier to maintain compared to carpets.
In an increasingly competitive rental market, landlords must capitalise on unique selling points and clever upgrades to attract tenants and maximise their rental revenue. From smart home features to sustainable amenities, the incorporation of distinctive elements elevates the appeal and desirability of rental properties, setting them apart from the competition. These upgrades don't just make for a more aesthetically pleasing property, but they make living in the home more convenient and cheaper for tenants, which is a huge advantage.
Image is of the views from a 2 bedroomed apartment recently available for rent in Gravesend, DA11, a available April 2024. For the full listing, please click here.
