Photo by Jolly Property
Property preferences change over time, and what tenants are looking for also evolves. So, it’s important for HMO landlords to understand their tenants’ up-to-date needs and motivations.
Adapting to certain changes can help you stay ahead of the competition and allow your property to be in higher demand from prospective tenants, which can help you keep your rooms filled and improve profitability!
In this blog post, we’ll cover features many modern tenants are currently looking for in their rental properties, and we’ll include some tips for how HMO landlords can keep improving their properties over time!
Features Modern Tenants Are Looking For
You may be asking yourself what modern tenants are currently looking for in their homes… So, here are a few of the top features tenants are seeking right now!
Recently, property experts Redmayne Smith revealed rental properties with parking came as a top priority for prospective tenants this year. Fully furnished homes are also important as renters are increasingly looking for ready-to-live-in spaces. This shows the benefits that come with renting a room in a HMO and the flexibility that comes with it.
Properties with bills included is another top priority for modern renters. This highlights how tenants are seeking the convenience and financial stability offered by all-inclusive rental options in the current climate.
3 Tips for How to Keep Improving Your Properties
Continuously improving and upkeeping your HMO properties is really important to modern tenants. It’s key to continue to reinvest into your HMOs, and be willing to make changes when you need to. You of course need to be economical about this, but you want to ensure your property is right for your target tenants.
Here are some ways you can improve your properties for modern tenants with updates and touch ups you can do over time!
1. Take time to touch up the decor.
This may seem unnecessary, but it can help keep your properties fresh for your tenants, which could improve tenant retention and satisfaction. So, update artwork and other decor that’s looking a little dated and tired and switch it out for something more modern.
You could also play with splashes of colour. Try to be consistent with your colour schemes to create a cohesive theme throughout the property. Keep in mind that little touches can make a big difference!
2. Replace furniture when you need to.
Make sure you pay attention to the state of the furniture in your HMOs. This is something you can do when undertaking inspections and property health checks. Are the sofas or coffee tables close to needing to be replaced?
Also, make sure you’re investing in robust furniture in the first place that will hopefully stand the test of time. If you buy cheap products, there’s a good chance that they’ll start to fail sooner. And that could actually cost you more money in the long run!
3. Consider incorporating value-add services.
Investing in additional services is another way to keep improving your properties. Value-add services is all about providing a better product or service to your tenants or creating a community and bonding experiences for tenants.
What you should offer depends on what type of HMOs you operate, but if you own professional HMOs, particularly higher-end properties, it’s definitely worth considering what kinds of services you could add on!
Some examples of value-add services include upgrading the WiFi with a faster download speed, stepping up cleaning services, or organising social events like pizza nights.
Tenant demands are often evolving, so make sure you’re aware of the current market and what tenants are looking for. This will allow you to make more informed decisions on your HMO investments, and this can also help ‘future proof’ your property portfolio too!
For more useful insights and updates on the HMO industry, sign up for The HMO Roadmap today! And if you’d like to chat to experienced property investors about this, join us over in our free Facebook Group The HMO Community.
About the Author:
Andy Graham is the founder and the lead trainer at The HMO Roadmap! He is also the co-founder of The HMO Mastermind. He writes as a regular columnist in different magazines about a variety of HMO topics and is the host of The HMO Podcast! Follow Andy on Instagram!