A number of things can attract a renter to a rental property, ranging from its location or number of bedrooms to any standout special features on show. Your rental property has to be well suited to the market you’re targeting in order for you to achieve the best rental yields, decrease void periods and to generally keep your tenants happy.
One way you can help your property standout from the competition is by making it as eco-friendly as possible. Landlords never live in the property; therefore many tend to neglect ways in which they could improve the energy efficiency for their tenants, and let’s face it - every target market will appreciate better energy efficiency.
Many of the improvements that can be made are often simple, one-time investments that will make your property more attractive financially for potential suitors for years, even decades, to come.
Why should you improve your property’s energy efficiency?
To break it down, better energy efficiency can increase rental yields, contribute towards a higher EPC rating, make the property more appealing by reducing energy bills for your tenants, increase tenancy periods, potentially add value to your property and also future proof your property for any future legislation that could come into effect in the future regarding energy efficiency.
So, how can you make your rental property more energy efficient?
Let's take a look at a few things that can help you improve your rental property's energy efficiency...
One simple way to improve the energy efficiency is by switching appliances (provided your property includes them) and lightbulbs to more energy efficient ones - perhaps when they next need replacing if the cost to replace them all in one go is too much to do so immediately.
EU regulations stipulate that the following household appliances must display an energy label indicating how energy efficient they are:
The ratings are from A to G, with A offering the highest efficiency while G offers the lowest. Appliances with a higher efficiency will provide the biggest long-term savings.
Double-glazed windows can be as much as 20 times more efficient than dated single-glazed windows, so it’s worth considering replacing old windows with modern double-glazed versions. In fact, choosing double-glazed over single-glazed will bring a whole host of benefits, such as improving security, insulation to keep things warmer in the winter and cooler in the summer, noise insulation to help reduce outside noise and the ability to reduce damaging UV rays which can discolour things like curtains, carpets and furniture.
According to Robert Bartlett, Managing Director of RGB Construction in Cardiff, around 25% of a standard property’s heat escapes through the roof, so finding a way to reduce that can have a significant impact on energy savings. It can be a pricey investment, but fortunately loft insulation can be effective for 40 years or more meaning the cost will easily justify itself in the long term. If budget stretches, you could even consider converting the loft space into a loft conversion while the insulation is being done, which would add an extra room and in turn increase your rental yield.
A UK Government scheme is seeing smart meters being rolled out across properties all over the UK and they are available for free from most energy suppliers. Smart meters automatically track the amount of energy that’s being used, allowing your tenants to keep a better track of their energy consumption. They can also give your tenants access to better energy tariffs.
If you’re a landlord in Cardiff, why not contact our team of property experts here at CPS Homes to see if our expertise can help you source the perfect tenants, achieve the best possible rental yields, and keep void periods to a minimum? We can even help you add to your portfolio if you’re looking to invest in Cardiff’s BTL market. Contact us today by calling 02920 66858, e-mailing firstname.lastname@example.org or by popping into one of our three Cardiff branches.