It is important that landlords understand the importance of rental yield and the return they receive from their rental property. Knowing the rental yield on offer in an area before you invest in the area makes sense, but there are ways that a landlord can increase the return they experience from letting property.
At Student Circle, we are pleased to say we have helped landlords enjoy the best possible return from their rental property. Many landlords focus on making major changes to their home, but we think that you can improve your return by making minor changes and offering additional services to tenants. In this guide, we talk you through some of the additional services you can offer to increase our return.
Offer storage options
Storage space is at a premium in every home and depending on the tenants you wish to let to, there may be an elevated level of demand for storage options. As a landlord, if you can offer additional storage solutions to your tenants, your property is likely to be in greater demand and you should be able to charge a higher rental fee while still offering value for money.
Can you provide parking as an extra?
Parking is another feature that is essential for many tenants these days and there isn’t always an obvious parking facility at the property. If you can provide a secure parking space close to the flat, for the tenant or their friends/family members, you should be able to charge a premium for this service. Again, as this is something that many tenants are looking for, this is something that most tenants will be happy to pay for.
Upgrade appliances and tech-equipment
There will be some tenants who are happy to pay more to live in a rental property with state of the art appliances. The most obvious example would be to upgrade to a smart meter system for your central heating.
These systems help the property dweller to remain in full control of their heating, which helps them to reduce their energy bills. Therefore, this is likely to be a service that some tenants will be happy to pay a premium for.
Increase the security at the home
Investing in additional security measures at home is always a smart idea for landlords. There is a wide range of security measures that can be added to a property, suitable for all budgets, but you will find that many tenants would be happy to pay more rent each month if the security levels at the property are improved.
Offer broadband or utilities as part of the rental package
One way that landlords can enjoy a higher rental return, especially with student tenants, is by offering an all-inclusive service including utility bills and broadband packages. This saves the tenant a lot of work, it means the landlord is in control of the bills, and this should save any problems from non-payment by the tenant.
Provide additional services to tenants
It may be the tenant can benefit from additional services offered by a landlord. A landlord could offer a parcel collection service, a laundry service, an ironing service, a dry-cleaning collection service or any number of small tasks that are important but which people don’t have much time to do themselves.
If you are a landlord operating in or around Coventry, make sure you call on Student Circle for support and guidance. We are pleased to say we have helped many landlords meet the needs of the local rental market, including student rents, and if you are looking for guidance, we are here to assist you