Types of tenants
You will need to think carefully about what type of tenant your property will best cater for. If you market your property to the wrong audience, you may struggle to attract interest or waste time dealing with unsuitable tenants.
Knowing your audience is also crucial when it comes to setting the rental value and understanding how long someone may stay for. Here are examples of different tenants, all of which have the potential to be ideal for the right property.
May be single or married, tend to be younger (20 – 30) but many over 30’s also fall into this category. The typical property associated with these tenants tends to be a modern apartment with all mod cons. Space is less of an issue than having somewhere that looks good, with parking and good online connectivity. Probably more of a short let (c 1 year) potential but more likely to pay a higher level of rent.
There is high demand for student accommodation, as numbers have grown significantly over recent years with an increase in size of educational hubs. Students can be less fussy but still look for certain features such as proximity to campus, good transport links and access to bars, cafes and other social facilities. Landlords can be added to a list of approved accommodation as long as certain standards are met making it easier to let a property, but students are shorter term renters, with a year being fairly standard.
As you might expect, space is a significant factor for this audience. The number of rooms in the property; storage; an outdoors area; all are key features. Proximity to schools and colleges is also very important in their search for a suitable property. A family rental could be for the long term – several years – because stability can be very important.
Housing Benefit Tenants
Tenants paying some or all rent using Housing Benefit can present an option for landlords. These tenants cover a broad range, from families to single individuals.
A good letting agent can help landlords to understand their prospective tenants own unique set of circumstances, including how these might be accommodated and supported.