London has a thriving rental market, with rents averaging at £1627 a month. With such high rents, which rise on a regular basis, it’s no surprise that many property management firms and entrepreneurial individuals are keen to move into this prosperous market.
To make a profit in London’s rental market, you have to have a desirable property that tenants will be willing to pay a premium for. Read on to find our tips on how you can make your property more attractive in London’s competitive rental market.
Choose a popular location
London is a vast and sprawling city, with many different boroughs and areas, meaning that you’ve got a lot of properties to choose from. The location of your property is crucial, as you need to make sure that it is in an area popular with tenants. Some areas might be considered too expensive or are too far away from the amenities that renters are looking for, so instead of these try to find an area that is popular with tenants but not too saturated with rental properties.
Consider what sort of property you want
There are a variety of different rental properties on offer throughout London, including flats, houses, bungalows, and even houseboats. As such, you have to make sure that you find the type of property that you believe will be profitable and popular for many years to come. As well as popularity, you also need to consider what sort of property you want to manage. Some properties, like house shares, can require more management than others, so think carefully before you make your decision.
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Add space by renovating your property
Tenants in London are looking to get as much space as they can for their money, so if your chosen property is smaller than average, consider renovating it to make it more appealing to tenants. Construction experts houseUP have experience renovating houses throughout London, including undertaking a basement and full house renovation in Greenwich. You can read more about this and the firm’s other projects at https://www.houseup.co.uk/news/basement-and-full-house-renovation-in-greenwich/.
Create a welcoming space
When decorating your rental property, you need to make sure that it appeals to a wide variety of tenants and that they can see its potential. Check out other similar homes for rent in the area and see how they are decorated, so that you can get some inspiration on how you can showcase your property to maximise its potential and attract a wide variety of potential tenants.
Write an appealing advert
Once you get to advertising your rental property, you need to work with a reliable estate agency to showcase its best attributes. The advert you produce will also have a strong effect on the interest you get, so work closely with your estate agency so that you can produce an enticing advert together. Professional photographs and bulleted notes on the local attractions and desirable attributes of your property will combine to create an advert that will attract tenants and get your property let in no time.