January 05, 2023

How to Increase Your Rental Property Yields

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Life as a landlord is never plain sailing, especially with the rental sector more than doubling since the early 2000s. But with the rise of ‘Generation Rent’ and more than half of 20–39-year-olds expected to be renting privately by 2025, their expectations are higher than ever.

There has been an obvious increase of new market leaders in the rental sector, such as the huge Build to Rent developers who are taking over the cityscape. So, it’s now more important than ever to provide a high-quality rental experience for your tenants who are willing to spend more money on their monthly rent. There is a gaping opportunity in the marketplace to provide quality independent accommodation below the price of Build to Rent but above the quality of the rest of the marketplace.

LOFT are here directly supporting landlords; we simplify the furnishing experience while adding value to your property with sustainable, on-trend interiors that maximise yields and minimise voids. We understand what is needed to create valuable interiors whilst not breaking the bank.

So, how do you attract higher-paying residents to want to live in your property and get the most from your property?

 

Emphasise Interior Design

From speaking to current residents across the marketplace, they have been disappointed with the interiors of modern rental properties throughout the UK. Although this is disappointing news, it does provide a unique opportunity with a simplistic solution: ensure your property stands out.

Modern renters really value the aesthetics of their homes and place great importance on their interiors – with a huge portion of renters feeling that the overall interior design of their homes is a leading factor in their residential experience. There has been a mentality shift post-Covid that is here to stay, people spent more time than ever in their homes and now question what their homes are doing for their daily well-being.

If you want to attract higher-paying tenants, decorate and furnish your property in a way which makes the design more memorable and gives a unique feeling. Even within an apartment block, renters want to feel that the property is their home and providing unique or eye-catching interiors can provide this feeling. It’s time to ensure you give your rental the real appeal and find the right tenants to pay the rent your property deserves.

 

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Zone Your Space for Professionals

In this post-Covid world, hybrid working has proved itself to be a solid professional working solution. Professionals want a home office space separate from their relaxing space, an area they can zone in and out of during their working hours. Even if you do not have a separate room in your property for a home office, zoning off a section of a room can be an effective way to separate working and living.

Interior accessories are an effective method for zoning – by differentiating interiors through rugs, office furniture and wall prints it is providing a more work-orientated zone for the resident. If you want to push the idea of zoning further, a separate wall colour or simple panelling surrounding the workspace is a practical method to differentiate zones within a property.

 

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Modern Appliances for Modern Renters

By adding extra appliances and lifestyle benefits that aren't frequently seen outside of certain Build to Rent communities, you can instantaneously raise the value of your property. Dishwashers, washer-dryer combos, coffee makers, smart TVs, speakers, and other non-essential electronics will all help you achieve a greater yield, either by generating more bids due to increased demand or by supporting a higher asking rent.

Using smart home technology, like automatic lighting, smart security, like video doorbells, smart metres, and smart heating is a guaranteed way to modernise your property and attract a professional, modern demographic. Due to the trouble and impracticality of transporting these larger items between residences, few tenants are likely to own many of these items, thus having them at your property would provide considerable value.

 

Let LOFT Increase Your Yields

Although not majorly drastic changes, these changes need to be implemented tastefully and professionally to hit that sweet spot of improved yields in the residential marketplace. As a people First company, we constantly have our ear to the ground to understand what all target demographics expect from their rental property and what will stand out in the market. Allow us to guide you to maximising your yields, minimising your voids and realising your properties’ true potential. Get in touch with us, today.

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Get In Touch

If you want to find out more about how LOFT can maximise your yields and help transform your property interiors, we'd love to hear from you.