COVID-19 has changed everything, and that includes the rental market. COVID-19 and lettings are, it turns out, not entirely compatible. With restrictions on evictions firmly in place, landlords – and their tenants – may well be reassessing how things are going to go once lockdown is ended and vaccinations are more widespread.
Landlords in particular may well want to know how they can increase the rental value of a property they know is going to be empty soon. Increase the income from one property by enough, and you will start to make up for any shortfall you might have suffered during the pandemic. Here are some ways it can be done.
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Outside Space
Lockdown has meant that we’ve all been indoors a lot more than usual, although in properties that have nice outdoor spaces that will have been at least bearable. With no end in sight to lockdown, as well as the fact that many people are now aware of how important their gardens actually are, you need to make the most of the outside space your property has.
Spend a little money and put in a large patio, replace the lawn, maybe even add some sliding doors to the back of the house so everything can be opened up.
Outdoors is something that might not have been crucial before, but it certainly is now once you look at the impact of COVID-19 and lettings.
Room For Home Working
Maybe everything will go back to ‘normal’ once COVID-19 is no longer such a threat. For the most part, that’s a good thing. However, the home working revolution has definitely begun, and it’s unlikely that this is going to change. Now that employers and business owners have realised that they can save money by not having any office space to pay for, and now that employees know that their job is perfectly doable from home, why would it go back to the way it was?
That means, of course, that renters are going to be searching for a home in which they can work. When there’s a spare bedroom, an actual study, a dining room they’re not going to use, perhaps even a conservatory, they’ll be happy. But if your property doesn’t have any of these things, you’ll need to try to make space. Can you split any rooms into two to create a study? Can you add an outside room or any kind of extension? You’ll be able to rent the place out for more, so you should be able to make your money back.
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Allow Pets
If you don’t allow pets in your property, you’re missing out on some fabulous tenants, and you’re limiting your market. To get the place rented, you might have to reduce your asking price or accept an offer.
If you allow pets, you’re effectively doubling your tenant pool and you can ask for more money because of it, despite the issues that have come about because of COVID-19 and lettings.
During lockdown, many people have decided that they need a little company, and a dog or cat – or whatever – has come into their lives. Now they’re looking for somewhere they and their pet can live, so be a little more flexible, and you’ll make a lot more money.