Date Published 21 January 2020
As a new decade dawns, the demand for rental properties has never been so high. In response to increased challenges of homeownership and population growth, long term renting has become a lifestyle choice for many.
Whether you are a landlord targeting families, young professionals or the retired community, it has never been so important to understand what renters want, particularly when it comes to staying ahead of the competition. With this in mind, here is the top five must-haves tenants are expecting in 2020.
1. Internet and Mobile Connectivity
Starting with the basics, in today's modern world high speed internet is a top priority for renters, now considered the fourth most highly ranked amenity.
Whether you are charging tenants for internet access as part of their rental agreement or they are responsible for sorting it themselves, it's imperative that you shop around for the best possible deals and tariffs.
It is also important to consider how reliable phone reception is in your property's location. This is often considered renters number one priority and some even go so far to check the quality of the mobile service during their tour before renting.
2. Smarter Systems
With conversations around global warming on the rise, there is more pressure on modern renters to reduce their carbon footprint as much as possible. Smart meters are considered the best solution for this. Not only do they keep monthly bills down but they also reduce energy wastage, which in turn is more beneficial for the environment.
The Government's ambition is for everyone in the UK to be offered them in the next few years. These meters make energy readings far more accurate which means more accurate bills for you and your tenants.
As well as smart meters, smart heating systems such as Nest and Hive are also becoming increasingly popular. As discussed above, the main reason for this is because they reduce bills and are more energy efficient.
Allowing tenants to control their heating more effectively makes life easier for landlords too. With time running out to meet the new energy performance certificate legislation by 1st April 2020, it's never been so important to make sure your rental properties are energy efficient.
3. Alternative Deposit Options
In recent years the rental deposit industry has been quickly evolving. With more and more tenants expecting a no profit insurance policy, It is imperative that landlords are aware of this.
With many tenants enjoying lower moving costs that a no profit insurance policy can offer, you will need to work out if you are comfortable with this kind of insurance-style payment structure. We would recommend speaking to your local managing estate agent in Liverpool to discuss your options.
4. Credit Score Recognition
For years tenants have been paying their bills on time with no benefit to their credit score. But with a new decade brings great change - there are more ways for your tenants to pay their rent and boost their credit rating.
As long-term renting becomes the norm, being able to boost your credit rating at the same time is becoming a must-have for tenants.
You can sign up through Experian's partners such as CreditLadder, offering a free reward service for tenants who make punctual rent payments.
5. Quality Property Management
For many renters the quality of their tenancy experience goes beyond the building in which they live. Tenants will often move from a property if they are dissatisfied with the way in which it is managed.
Improving your residents experience is a simple yet cost effective way to attract and retain renters.
From leaking taps to broken doors, it is important that you listen to your tenants needs and resolve them quickly. One effective way to do this is consistent and open communication.
WhatsApp and text messaging are fast becoming the most popular forms of communication methods between landlords and tenants. From the start of the tenancy agreement, it is best to agree in advance which is your preferred method of keeping in touch.
It might be worthwhile to consider support from third party services, whether it be a gas maintenance contract or a managing agent. These types of contracts mean one less thing for you to worry about. Here at Marshall Property, we offer a range of comprehensive property management services that are designed to make life as a landlord a lot easier!
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With 30 years experience in letting, buying and selling, Marshall Property is one of the best independent estate agents in Liverpool. Get in touch and let us help you today!