Landlords: How to make your property appeal to young professionals
Rhys Owen, Senior Property Advisor, talks us through several things landlords should consider when trying to appeal to young professional tenants...
If you’re a landlord in Cardiff you’re going to be targeting families, students, or young professionals.
Many landlords put their focus on one type of tenant, meaning they make their property investments based around this target market, but some do also have properties targeting a range of potential renters.
The rental property you have and the way in which you present it is likely to differ based on the specific type of tenant you’re trying to attract. After all, a young working couple in their early twenties are likely to want something far different to a family of four or five.
In this article, we’re going to provide some useful ideas for landlords who are trying to appeal to the young professional market.
A brief overview of the professional market
The professional market tends to mean lower maintenance costs for landlords, a lower number of complaints, longer tenancy agreements and a higher earning potential among tenants - this can all make the young professional market incredibly appealing for landlords.
With that said, ensuring you find the right professional tenants can also prove tricky, so it’s important that you get it right and carry out the appropriate checks and gain references from their previous landlords.
To help you source the right young professional tenants for your property, you should consider the following tips.
Properties with the right furnishing
One of the first decisions a landlord has to make when renting out a property is whether it should be furnished or unfurnished.
If the apartment is to attract an affluent tenant in a great area, chances are they will expect a good level of furnishing and may only be initially seeking 6-12 month lets. The amount you spend on furnishing and the things you include will depend on just how swanky the rental property is – you’ll have to weigh up the finances and come to an educated decision.
For landlords who are looking to attract tenants who they are hoping will settle for the long term, you may consider unfurnished, as this provides the tenants with an opportunity to put their own stamp on the property.
If you opt to furnish the rental home, we recommend:
- Fully furnished rental properties - clean, modern, and furnishing of adequate quality to suit the prospective tenant. The rental property should be ready and furnished for a professional tenant to move into immediately with little fuss.
- Standard items of furniture to consider include: sofa, coffee table, dining table and chairs, TV’s, essential white goods, kitchen utensils, beds and other bedroom furniture.
- Also - it can be useful to ensure there is a suitable number of electrical sockets in each room.
Read: Should landlords furnish their rental property?
Properties with the right features
These days, it’s not always enough to attract professional tenants with the right furnishing. There’s a good chance your property will need some of the right features they are seeking as well.
These rental property features may include:
- A large kitchen
- A suitable amount of storage space
- Ensuite bathrooms with power showers
- Sound insulated
- A-rated appliances
- Modern double glazing
- TV, Wi-Fi and phone lines ready to use
- Smart energy meter
- Suitable modern flooring
Location of the property
Location is always key when it comes to attracting any type of tenant. Professional tenants will want easy access to work, so if the property isn’t based in or very close to the city centre, consider suitable commute routes - are they adequate motorways and A-roads that can be easily accessed? If the property is located many miles away from the city, you may want to consider whether you should be targeting a different type of tenant - only you and your letting agent can answer this.
Read: Where are some of the best places in Cardiff for a young professional to live?
When it comes to young professional tenants and the location of the property, consider whether the home has:
- Suitable transport links as young professionals will want to easily get about the area.
- Parking spaces and visitor spots.
- Quiet noise levels – young professionals may enjoy a balance of work and fun, but they will likely appreciate somewhere to rest easily.
- Adequate phone signals - mobile phones and broadband internet simply need strong internet signals and nothing less these days.
- Secure neighbourhood as professional tenants will want to feel they and their belongings are safe whether they are home or not.
If you’re a landlord looking for tenants in Cardiff don’t hesitate to reach out to our knowledgeable team of letting experts here at CPS Homes. You’re welcome to pop into one of our three Cardiff branches for a chat, give us a call on 02920 668585, or to send an email over to enquiries@cpshomes.co.uk so that you can find out more about how our expertise can help you with your property investments.
