4 Ways to Enhance Your Property’s Appeal Without Reducing Rent

Posted on April 24th, 2024.

Are you encountering difficulties in attracting tenants to your property? Instead of immediately considering lowering the rent, it’s beneficial to explore alternative features that could justify your current asking price or even support a price increase.

Insights from the 2023 Home Movers Trend Survey

Based on findings from the 2023 Home Movers Trend Survey, tenants indicated a willingness to pay an average of £60 more per month for certain amenities:

Reserved Parking (39%)

In areas where parking is scarce, offering dedicated parking significantly enhances a property’s allure. If providing private parking isn’t feasible, exploring partnerships with local services for discounted rates or memberships, like Zipcar, can be advantageous for potential tenants.

Pet-Friendly Policies (27%)

Welcoming pet owners can substantially broaden your market. Many renters are willing to pay extra for the privilege of living with their pets. For inspiration, refer to our ‘Pets and Lets’ series, developed in collaboration with Battersea Dogs & Cats Home.

Soundproofing (27%)

Investing in soundproofing can elevate a living space into a serene retreat, appealing to renters seeking peace and quiet.

Ample Storage Solutions (22%)

Insufficient storage can deter potential tenants. Implementing organized storage solutions can make your property stand out in the competitive rental market.

These enhancements not only increase the likelihood of renting your property promptly but also potentially justify a higher rental price, safeguarding the value of your investment.

Curious about the current rental value of your investment ? Click here to book your property advice meeting https://www.ashmoreresidential.com/landlord-services/

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