We’re firmly into Generation Rent now, with lots of people looking for rentals but not enough properties to go around. Even so, you might not be getting as much of a yield as you deserve, so here are some ideas that might help you to make more of your bricks and mortar.
Give your tenants what they want
Ideally, your tenants would probably have their own house and they’d fill it with new white goods – a dishwasher, a slow cooker, a wine fridge, great broadband and a few TV subscriptions. If you can offer this to them then they’ll be prepared to pay more rent, just make sure you’re getting your cut as well, though!
If you’re getting frequent voids, think about lowering the rent
This might hurt, but not as much as having a vacant rental property. It’s possible if you’re having difficulty finding tenants, that the rent is just too high. Drop the price a bit and see what happens, or be flexible with prospective tenants if they ask for a reduction.
Raise the rent occasionally
In direct contradiction to the previous idea, but valid nonetheless. Think about the improvements you’ve made on the property since last year or that new Waitrose that’s just opened. They’ve got to be worth something, right?
Make another bedroom
If it’s a big old converted house, is there a room that could be made into another bedroom? If there are two reception rooms, but one is the dining room and it’s not used so much, then it’s not really earning its keep and would be better as a bedroom.
Try to squeeze in another bathroom
An old pantry, a tiny box room that you can’t rent out, or even a large under-stairs cupboard could become a small bathroom or even a tiny wetroom with the right treatment. This means more rent each month and a better selling price further down the line.
Make storage a priority
Every square foot counts when you’re charging for it, so make sure your tenants are happy in it by providing lots of storage space, especially if you’re renting to families.
Allow pets
Lots of house-hunters complain that they can’t find pet-friendly properties; many of these people will be prepared to pay a bit more if they can take Fido with them when they move, so help them out…
