With rents in the capital being so high, a clear pattern has been emerging with prospective tenants getting together to rent properties with 2 or more bedrooms. Many are either not be in a position to rent alone and others are minded to reduce their costs as much as possible to save for a deposit to buy their first home.
This trend is mainly with young professionals and the concept of sharing has boomed in recent years. The rampant demand from tenants renting either in pairs for say, a 2 bedroom flat or as small group for a 3/4 bedroom house has presented landlords with a lucrative opportunity.
The benefits to landlords are many – see my top tips as below
- You can let your property to a pair or small group of tenants who are known to each other and have an agreement in place with joint and several liability- therefore, they are less likely to default as the other tenants will bear the responsibility
- Maximise your income potential- most tenants that rent with a friend/fri
ends will do so in order to get round the affordability issue so as long as your property is in a good location and well maintained, you can always achieve top rents.
- Students- If your property is close to a College or University Campus, students will tend snap these up, especially if available in the late summer before the start of the new term. There will almost always be a Parental Guarantor in place to give you added security and if from overseas, they tend to pay the rent in advance for the term of the tenancy which is great for your cash flow.
- Keep furniture down to a minimum so your property is uncluttered and to save hassles with removing and storing items as tenants often bring some things of their own.
- Bedrooms- Ideally these should be of equal size as tenants like to split the rent equally, so bear this in mind if you are developing a property for rental.
If you are looking for an agent with experience that can help you find the righ
t purchaser or tenant for your property, then contact me to find out how we can get the best out of your home or investment property. You can email me [email protected] or give me a call on 020 7435 0420. Pop in for a chat – we are based at Ashmore Residential, 5 Netherby Gardens, Oakwood, Enfield, EN2 7PA . There is plenty of parking and the kettle is always on.
Don’t forget to visit the links below to view back dated deals and Oakwood Property News.