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The professional market is a popular choice for landlords as it results in a lower number of complaints, longer tenancy agreements and a higher earning potential. With these factors in mind, it’s no wonder that buy-to-let investors are increasingly targeting young professionals. However, when it comes to targeting this group of tenants, there are several factors to consider to make sure you get the right people in your property.
Here’s how you can appeal to young working professionals with your property portfolio and why you should.
Young professionals and the millennial market make up a huge percentage of current applicants and there’s an increasing trend of renting over home ownership for this demographic. The stigma around renting has decreased considerably, but house prices have also risen exponentially which has necessitated rentals over buying a home for many people.
This demographic will be driving the demand for rental properties for the foreseeable future and if you can target young professionals correctly, you’ll find it much easier to keep your rental properties occupied. Whether you’re investing in a new property and want to ensure that it meets the needs of this demographic, or you already have a property and are looking for ways to tailor it to the needs of this group, these are some of the features young professionals are looking for today.
Location is paramount when you’re attracting tenants, and you need to ensure that the area you choose a property in is not only accessible but also has the right amenities. Cities such as Bristol, Oxford, Luton and London all rank highly for buy-to-let property investors as tenants enjoy the access to entertainment, luxury property developments and vibrant culture.
In recent years, there’s been a lift in the demand for all-in-one developments where tenants can take advantage of on-site gyms, pools, roof terraces and more. When choosing a property, landlords need to seek places that are within walking distance of transport connections, and within easy reach of shops, cinemas, pubs and restaurants, and other amenities as well as wide open spaces. Already invested? Highlight the proximity to these amenities when you’re advertising the property so that potential tenants know what they will be able to access if they decide to move in.
Young professionals are often part of young families too, or have the intention to start families in the near future, so choosing good-sized properties that are suitable for tenants with children can help secure longer-term tenancies. Young professionals are looking for homes with modern, well-equipped kitchens and bathrooms and ample storage, so if you’re intending on targeting this demographic, size matters.
Tenants want properties that they have the option of growing into if they choose to, reducing the need for moving to a larger property. In providing tenants with homes where they have this option, your portfolio is likely to be more desirable to this group of tenants. While you may not be able to change the square-footage of a property, you can be smarter about the interiors by installing smart storage solutions, upgrading kitchen and bathroom facilities, and even allowing tenants to have pets which can secure their tenancy for longer.
In addition to plenty of space and room to grow, young professionals also want homes that are sustainable and environmentally-friendly, as well as fitted with smart devices for convenience and reduced energy consumption. Since sustainability is such a prominent issue now, more of us are seeking environmentally-friendly properties, and those not yet living in such a property would be happy to take steps through the likes of lighting and heating to reduce their carbon footprint.
Providing a home that makes such lifestyle choices easier can attract tenants to your property and makes it easier to find tenants in the future as the demand for eco-friendly living increases. In addition to adding smart devices to drive down energy usage, landlords should be adding green features such as energy-efficient appliances, recycling facilities, water-saving shower heads and insulation.
Over the past few years, the demand for access to the outdoors has risen considerably, particularly following lockdown measures. Since many young professionals will require properties close to the city centre or close to transport hubs for work, it’s no surprise that they will be seeking properties that also offer the balance of garden spaces, parks and countryside.
For millennials and Gen Z’s, activities like biking, hiking and fitness are high on their list of priorities, so if your property is located close to recreational hotspots, it’s worth pointing these out to attract tenants seeking a balance of city life and remote living. From bike trails and gyms to lakes and parks, make sure you’re highlighting the balance your property provides to appeal to people looking for access to green space.
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