5 Features of a Property That Will Increase Your Rental Yield
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If you’re looking for quick-wins to increase the rental yield from your property, we’re here to give you some inspiration. We’re covering 5 of the things that will increase the demand, and therefore the rent you are able to charge, of your property. So, if you’re currently looking for a property to invest in, keep these things in mind. Working with a property investment agency like CityRise through the process can also help you to ensure you’re maximising your return!
Modernised Kitchen and Bathroom
Firstly, some of the most important features for people are the kitchen and bathroom. If these look rundown, it can be immediately off-putting for people, and on the opposite side, if they’re fresh, clean and modern in appearance, it can be what draws people to the space. So, we’d recommend looking for BMV properties (below market value), typically ones which need work done, then you can invest what you’ve saved to renovate the kitchen and bathrooms, to significantly improve the potential rental yield. This is a great investment to make, and one that is important to maximise your future rental yield.
Eco-Friendly Amenities
Something else that tenants are increasingly looking for are eco-friendly amenities in the property. The top of this list includes eco-friendly appliances like a boiler and general heating system, an energy saving dishwasher and washing machine, a well insulated property, potentially even renewable energy sources. Not only are more people conscious of their environmental footprint, but also, it will cut down their living costs when they’re in the property by saving on utility bills. So, looking at ways to incorporate eco-friendly amenities is key.
High Speed Internet
High speed internet is an absolute must. With so many people working from home, it’s so important that people stay connected, and having access to high speed internet is vital because of this. Making sure that the property you’re purchasing can access high speed internet connections is something important to check prior to investing, or installing a WiFi box from a provider with the quickest load times already that they simply need to create an account for and direct debit is a simple addition that makes life slightly easier.
Allowing Pets
Another good USP to have for your property is to allow pets. Of course, this comes with some risks, but if it’s clearly outlined in the contract that any damage must be paid for out of the deposit, then you are covering yourself. Plus, because not that many rental properties allow pets, this is a real opportunity, as you can demand higher rental yields.
Close To Public Transport
Last but not least, properties that are close to public transport are far more in demand. This is particularly the case in commuter towns, where a quick walk to the train or tram is ideal for professionals. So, keeping this in mind as a key amenity in the area is important for maximising the potential of your rental property.