Make your room to let as attractive as possible for long-term renters. Here are 7 ways to attract more tenants to your HMO property.
1 – High-speed internet
For the majority of tenants, a strong internet connection is a basic necessity, so having a property with a poor internet connection, or none at all, will negatively affect its desirability to many tenants.
When choosing suitable broadband, ensure that it can support the number of tenants that will occupy the property.
Keep in mind that many tenants will have multiple internet-connected devices connected at a time.
2 – Ensuite Bathroom
An ensuite room is an extremely attractive feature for a room to have and will mean that an ensuite room will achieve a lot more than other rooms in the HMO.
If your room to let has an ensuite, be sure to repair any maintenance and fix any issues which could affect its functionality – so that the room can achieve the highest asking price.
3 – Larger / Double Rooms
Like ensuites, large rooms will achieve a higher asking price than a smaller room would.
Personal space is a desirable feature in a room to let so if the room size permits, having a double bed will attract more interest to a room than a single bed alone.
4 – Good Furnishings
High-quality furnishings will make your HMO stand out from the rest and will increase the tenants’ satisfaction.
As HMOs experience a faster rate of wear and tear compared to single lets (due to the increased number of occupants), poorer-quality furniture and white goods are more prone to breakage and require remedial maintenance work.
As such it is better for yourself, the landlord, as well as the tenants to invest in greater quality furnishings to increase their quality of life and save yourself money on extra repair and replacement works.
5 – Working Space(s)
Due to the increase of working-from-home opportunities, many tenants find themselves in a position where they work from home.
In order to appeal to these tenants, provide tenants with spaces to work from, this could be a seating area in communal areas, or a desk in their own room.
If a tenant’s needs are satisfied, then they are likely to stay longer, leading to reduced void periods, and an increase in tenant satisfaction, giving you peace of mind that your property is being kept in good condition.
6 – Communal Spaces
Many HMO landlords find that properties with large or well-decorated communal areas receive a higher level of interest and shorter void periods.
Areas like lounges, dining rooms, and kitchens can be decorated to attract (and retain) tenants.
By decorating not only each room to let but the shared space each tenant shares, tenants will feel more comfortable and respectable towards their shared property.
7 – Outdoor Areas
Similarly, to communal areas, an inviting outdoor seating area or garden will garner more attention from prospective tenants.
In the summer months, when rooms and properties are less vacant, tenants will spend less time in their rooms, and more time outside and communal areas, so be sure to make them as inviting as possible.
Conclusion
By understanding and following these 7 tips, you can get the most out of your HMO and maximise your investments.
If you are interested in the strong returns of HMO, get in touch, we would love to speak with you.
Alternatively, read our recent article about rising rents and falling void periods in the Q2 2023 private rental market update.