How to increase your rental income

Tenants will pay for a premium rental property, offering landlords an opportunity to increase their rental income by making sensible, impactful changes. Read on to learn about how you can make your property stand out from the competition and achieve higher returns for years to come.

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‍Get the first impression right

There’s nothing more important than a first impression when it comes to a rental property. If everything feels premium, clean and well-maintained, you will have a better chance of securing a higher rent. Most important of all is the exterior of the property.

Options to achieve the best possible first impression include:

• Clean and paint the front doors and windows where possible.
• Repoint brickwork
• Tidy the front garden or driveway
• Replace any dying or dead plants
• Install reliable external lighting
• Make sure any doorbells work, including smart cameras

These are just some of the options for making the front of your property as appealing as possible. You want people excited to go inside and able to imagine themselves living a safe, comfortable lifestyle. If you can do that, you’re halfway there already.

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‍Provide modern furnishings, fittings and appliances

Once inside, people will want to see modern furnishings, fittings and appliances. Old furniture and broken washing machines will lead to lower rental returns. So many rental properties look the same and have been designed by landlords looking to save money at every turn. If you spend money outfitting yours to a higher standard, it will stand out, and people will be willing to pay more to live there.

You could even add extras to really set it apart, like:

• New coffee machine
• Heated washing line
• Air fryer

This can even be done in a property rented as unfurnished, offering extra incentives for people to move in.

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Upgrade the bathroom

A clean, modern bathroom is a priority for tenants. Nothing makes people want to move in more than a bathroom which doesn’t feel like it has been used for 20 years before they move in. You can upgrade the entire bathroom, or you can pick smaller additions which can elevate the whole room, such as:

• New shower unit
• New taps
• Heated towel rail

There is almost nothing else that makes a home feel new and desirable than a good bathroom.

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‍Storage

If you have room on the property, you could provide secure storage that is suitable for a range of uses, including:

• Bicycles
• Parcel deliveries
• Shoes, boots and other leisure wear
• It goes a long way to making a house more of a home if you are able to provide amenities like this, which enable lifestyle choices. It’s a small addition that can be made if you have room, but it could prove to be valuable.

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‍Decorate

Finally, a great way to justify higher rents is to decorate between tenancies. There is a level of natural wear and tear which comes when people live in your property. Leaving it there for the next tenant can make the place look and feel tired – lowering the rent that potential tenants are willing to pay.

Instead, do some cost-effective decorating to make the property look good as new, such as:

• Repainting the walls
• Getting the carpets professionally cleaned or replaced
• Replacing damaged wallpaper

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‍Use a professional lettings agent

Want help with all of the above, or need recommendations about what’s right for your property? Contact our team today for expert advice and help so your property reaches its potential!