This two-minute read looks at the changing rental market and what it means for landlords.
With the rental market changing enormously over the past decade, savvy landlords need to stay on their toes to make the most of their investment.
With the severe lack of supply currently available in the Irish rental market the obvious answer is simply rental properties. However, for landlords with an upcoming vacant property here is a list of things you must consider to attract good quality, long term tenants…
Smart, clean interiors: The explosion of social media means tenants now expect more when it comes to décor. Landlords don’t have to spend a fortune, but a property must be maintained to a high standard and look fresh and modern. Grotty appliances and broken furniture won’t cut the mustard.
Location: Tenant priorities have shifted, particularly during the pandemic. The work from home phenomenon has seen some tenants prioritise access to open space and nature over proximity to commuter transport. It remains to be seen how this trend will pan out in the future.
More space: As more people with children are renting, demand for properties with outdoor space has increased.
Broadband: Flexible working, and the rise of streaming and gaming, means good broadband is a must.
Safety: Besides good locks, and secure doors and windows, tenants expect landlords to take every precaution when it comes to gas and electrical safety.
Implications for landlords
Today’s rental landscape presents a real opportunity for landlords who can build a good rapport with their tenants. Happy tenants are more likely to stay put, meaning a landlord can save on the costs and stress of regularly sourcing new tenants.
To enjoy a good return on your investment you need to put in the legwork. If work or family commitments make this a stretch, get an experienced letting agent to do it for you.
For more on maximising your rental returns, contact us here at Liberty Blue on 051 85 81 82.