Luckily for landlords, the rental market is booming and showing no sign of slowing. The UK’s annual rental price has grown by a whopping 1.2% according to the Office for National Statisticsin the last 12 months prior to April 2021.
Whilst this is great news for landlords – it doesn’t mean you can sit back and relax. The rental properties bringing in the highest returns are those that have the luxury feel, with tenants wanting more than an average space to rent. To keep up with the market, it’s a good idea to consider transforming your rentals into luxury spaces for tenants.
To help landlords create a luxury feel to their rental properties, we’ve put together some things you’ll need to get right before you can reap the rewards.
Moving to a new house and buying furniture is stressful, not to mention expensive for tenants. One of the benefits of renting a furnished property is that all of this is done for you. But if landlords don’t get it right, tenants will be forced to spend time, money and effort transforming it themselves.
By having eye-catching furniture that offers both style and comfort, you can easily entice tenants as they imagine themselves sinking into the plump sofa. To really give your property the design edge, consider an on-trend brand such as GUBI. A distinctive GUBI chair is guaranteed to add that extra touch of luxury to almost any rental.
Keep the property bright and airy
In the UK, we’renot always blessed with great weather. Therefore, it’s important to do what you can to keep properties looking bright and airy, even on dark winter mornings.
When selectingyourcolour palette, try to keep things as light as possible. Light colours will make the most of the space you have whilst keeping the space looking clean and minimal. Whilst feature walls and dark furniture look great, it’s often best to keep the colour palette neutral so tenants can put their own stamp on things.
Regularly maintain shower rooms (and the rest of the property!)
No luxury apartment or hotel comes with moldygrout or sealant, and so neither should yours. Make sure that the shower rooms are regularly maintained and that grout is cleaned or replaced. It’s a relatively quick, easy and cheap fix that can have a huge impact on how tenants view their potential new home.
Update appliances regularly
Whilst appliances can be expensive, it’s good practice to update all kitchen appliances between each tenant, especially if the previous tenants have lived at the address for a long time.
Having a brand-new washing machine and oven may seem costly, but it adds an extra touch of luxury to the property, as well as being hygienic for them to use from the off.
Whilst it can be time consuming and costly to create luxury rental properties for your tenants, it’s well worth the time and effort. Happier tenants who love your property are far more likely to sign a longer contract and you may even be able to charge a higher rent, which will (more often than not) pay for any rental renovations. Add to this that tenants are more likely to look after furniture they love, it’seasy to see why many tenants have got rid of dingey rentals and have replaced them with luxury abodes.