Although renting seems to be a growing trend across all generations, it will always be young adults that will take up a huge portion of the market. The flexible nature of renting is extremely suitable for this particular cohort, making it a very lucrative market for landlords.
According to report ran by Intus lettings, young adults make up 45% of the private rented sector, making it a key demographic for landlords. This section of the market is mostly made up of young professionals and students, and very often, the two look for very similar features when searching for rental accommodation. Since this is such an important market for landlords, we have put together a few tips to make your property more attractive to young professional tenants.
Fill your property with modern and neutral furnishings
It’s always advisable for landlords to decorate their property with as little clutter as possible to give it mass appeal and this is especially the case with younger tenants. This particular demographic like to add their own personal touches to their homes, so decorating your property with neutral tones throughout will give them more scope to play around with the décor.
Consider an open plan layout
Open plan living is becoming one of the most sought-after features for rental properties and is extremely popular amongst young adults. Not only does it make a property appear more spacious, it also provides a great space for entertainment and socialising. So, if you’re planning on renovating your property or looking to expand your portfolio, it might be worth your while looking into open plan living and kitchen spaces.
Make sure the kitchen is fully equipped
It’s easy to assume that students and young adults live on nothing but takeaways and ready meals, but it’s important that landlords don’t fall foul to this stereotype because it couldn’t be further from the truth. Young adults are becoming increasingly health and budget conscious and are taking more enjoyment from cooking at home, so it’s important that the kitchen is fully equipped and has ample preparation space. Splashing out on luxuries like a tumble dryer or dishwasher could also be a huge selling point for your property, especially for younger tenants.
Choose hard flooring over carpet
It’s always a good idea to use hard flooring in a rental property as it’s easier to clean and makes the property feel more modern. Linoleum is probably the best flooring for a rental property as it has all the benefits of hard flooring but is softer, more sound-proof and provides more comfort when you walk on it. It also comes in a variety of styles and finishes including wood and marble.
Invest in high speed broadband
This is arguably the most important feature when renting to young adults. This generation relies the most on the internet to go about their day-to-day business – from entertainment to work – so it’s essential that they have a reliable internet connection in their home. Fibre broadband is becoming more readily available for many parts of the country and it’s also becoming more affordable. It only takes a quick google search to find the best possible deals on high speed broadband from major providers.
Do you need assistance to manage your property? Get in touch with us today.