How often do you think about who you’re trying to let your property to? Working out your target tenant should be at the top of your list when looking for a new buy-to-let, ensuring that you have a clear idea of what kind of property to buy. But what are the main categories of renters, and what do they want out of their next home?
We have complied a handy breakdown of how best to appeal to your perfect tenant:
Young professionals
This group of renters is growing notably, particularly in urban areas which offer fantastic lifestyle and job opportunities. With ‘generation rent’ more likely to rent in the private rented sector than ever before, now is an excellent time to look at investing in apartments in city centre areas. The popularity of apartments is clearly growing, with data from Halifax showing that apartment values have increased by 48% between 2013 and 2018.
When it comes to location it is important to look at places with good employment prospects, for example cities like Manchester, London, Liverpool, Leeds and Sheffield. Northern property markets in particular are flourishing thanks to the rise of the young professional renter, experiencing high yields and property price rises.
Thinking about interiors, the young professional renter is likely to be enticed by swanky décor and apartments that come on a fully-furnished basis as they could be moving straight from university. It would be preferable to purchase a property with modern fixtures and fittings and neutral minimalist design.
The bottom line for young professionals is easy, modern living in stylish surroundings with great location. We would recommend looking for a newly completed city centre apartment, close to local transport, and offered fully furnished with either one or two bedrooms.
Students
Much like young professionals, students will be looking for a very specific location, and so if you’re looking to invest in student accommodation it is important to do research on the most popular student cities. Historic universities like the University of Leeds, the University of St Andrews, the University of Manchester and the University of York are all good options, but there are other emerging cities for higher education study which shouldn’t be dismissed.
Students are traditionally a little less picky about interiors due to the high amount of competition for well-located university accommodation; however this growing sector is evolving quickly and new purpose-built student accommodation (PBSA) blocks are starting to offer luxury accommodation at competitive prices, raising expectations.
Proximity to university buildings, amenities and of course local bars, are crucial. Location, along with ample storage space for clothes and books, cycle storage and community spirit are all key drivers for student renters.
The rise of the fully-furnished PBSA studio offers students their own space to cook, study and their own bathroom which is becoming a popular choice. These PBSA blocks often come with extra on-site amenities like games rooms, gyms, Sky TV and super-fast Wi-Fi – putting them in real competition with traditional shared student houses.
Families
Families can be a little harder to work out as each family is completely different. However there are a number of major factors to take into account when looking to rent to families with children which include:
• Outside space to play
• Car parking
• Located near a good school and doctors
• Safe fixtures and fittings
Ultimately parents want to be able to provide a safe environment for their children to grow, and added extras like a family kitchen, room for a trampoline, or a bath to bathe the baby make a big difference.
Unlike students and young professionals who can act on impulse, nomadically moving around to suit their lifestyle, families require a little more security from rented property and may well opt for a longer tenancy.
These might seem like obvious points, but the lack of just one of these key factors could mean the difference between a let or a costly void period!
Whatever kind of tenant you’re looking to appeal to, yieldit will have something for you! View our latest opportunities here or speak to a member of the team today
