The rental market is booming. According to the Office for National Statistics, private rental prices in the UK increased by 1.4% between February 2020 and February 2021.
This is great news for landlords, but not everyone is celebrating. The rental properties that are bringing in higher returns have something in common; they’re all meeting — and in some cases, exceeding — tenant expectations.
It can be hard to make your property stand out, but that’s what you need to do to land tenants, especially the ones with a bigger budget. To attract more attention, you need to find a way of making your property and service unique. This can be done by making things as easy as possible for potential tenants.
Moving home is statistically one of the most stressful life events we go through. It doesn’t come as a surprise to us that 62% of Brits agree on this. By furnishing your rental property, you save tenants from having to find the time and money to do it themselves. And by providing luxury home furnishings in particular, you add a sense of style that makes possible tenants want to rent from you.
Our own research found that 94% of landlords think design is a key part to reducing voids in 2021. If you fall into that category as well, you’ll find hints and tips on how to best use luxury home furnishings below.
Focus on Furniture
To capture the attention of potential tenants, your property needs to have eye-catching furniture that oozes appeal, and has style and comfort written all over it. A place to sit and relax is usually at the top of most people’s lists, so it should be your starting point when looking at luxury home furnishings.
Sofas and chairs are the most important items in a living space, as they’re where your tenants are most likely to gather. When picking the right sofa for your property, think about the type of tenant you’re likely to attract. Three-seaters are great for young families who need the extra room, but you might be better going with a two-seater for couples who want to cosy up after a long day at work.
The most important thing is to find sofas and chairs that have a luxurious vibe to them. Furniture has to be appealing to land tenants.
Our findings showed us nearly 40% of the landlords we surveyed had a property that stood empty for at least one month before the Covid-19 pandemic.
Standard properties don’t have the ‘oomph’ modern tenants are looking for. If your property is going through a void period, it’s worth asking yourself if the furniture you’ve got in there is really up to scratch.
Keep Things Bright
Creating a bright and welcoming space is key to making your rental property more attractive to potential tenants. This is why you should never underestimate the importance of finding the right lighting solutions.
Contemporary pendant shades add modern class to any space, especially in living rooms and dining areas which are used for entertaining guests and unwinding after a long day.
Think about using practical and stylish table lamps as well. Thoughtful lighting can truly open up a space and make it feel a lot more homely and welcoming, but dull, poorly lit spaces can ruin the look and feel of a room.
Regardless of what lighting you choose for your property, you can land more tenants by fulfilling any potential needs. You need to strike a balance when kitting out your property with luxury home furnishings, remembering to mix practicality and function with a desirable look.
Even though 94% of landlords we spoke to understand the importance of interior design, only 5% use a designer to help with their properties. A property that looks the part can be rented out a lot quicker than one which hasn’t had specialist attention. And, given how many void periods lasted a month or longer pre-Covid, an expert’s eye could be the deal-breaker.
Not only will a designer suggest the right luxury home furnishings to land tenants faster, they’ll find pieces that can bump up the value of your rental property as well. Take a look at our interior design services for landlords for more info.
Don’t be Afraid to Accessorise
Some landlords forget to add those little extra touches that make a house feel like a home. If you’re furnishing your rental property for tenants, think about the small things in your own home that make it feel special, and add some of those aspects for your tenants.
Mirrors are fantastic luxury home furnishings as they’re practical, eye-catching and can make smaller rooms feel bigger. They come in a variety of styles, so make sure you pick the mirror that matches your room layout. Large mirrors bring depth by reflecting available light, which is perfect for smaller or darker rooms.
To add a new level of style and comfort to your property, think about using cushions, as they can bring a layer of colour and texture to a room. Best of all, cushions are an inexpensive way to refresh the look of your property or to get it ready for the new season.
Finally, you can make a bold statement with contemporary artwork at a reasonable price. Anything that has its own unique sense of style goes a long way in capturing people’s attention. You want potential tenants to remember your property, as they may be looking at other rentals in the area. If you have that special something on display, your property will stick in their minds just for having something different about it.
Are You Showing Off Your Property the Right Way?
Chances are fairly high the first time a potential tenant sees your property, it will be online. From the get-go, you need to wow these viewers, so they ask for the full tour. While having luxury home furnishings in place is always a good start, the way you present them makes all the difference.
Property staging helps sell the dream. Potential tenants need to connect with the property they’re viewing, they need to get the right feeling from it, and the numbers speak for themselves.
75% of homebuyers spend more time looking at a staged property than an unstaged one, and 86% of estate agents agree a staged property can sell up to three times faster.
The Benefit of Luxury Home Furnishings
Decorating your rental property for tenants is a great way to make it stand out from the crowd. Providing luxury home furnishings adds to your property’s appeal, but it certainly doesn’t mean having to break the bank.
We firmly believe in proving luxury can be affordable. This is why so many landlords choose us to furnish their properties. Our interior designers can help you find the perfect style for your property, so you can appeal to more potential tenants and limit the risk of having any dreaded void periods.
Best of all, while you’re aiming to make life easier for tenants, we aim to make life easier for you. This is why our furniture comes delivered, assembled and installed with old, unwanted items removed, replaced and recycled. We’re always on hand to help, so get in touch with a member of our dedicated team today.