Times are tough for many landlords in the UK because of an oversupply of rented accommodation. However, there are things that a landlord can do to continue attracting the best tenants.
The biggest challenge facing the more established landlords is the newer breed of landlords that has emerged over the last 12 months.
This new breed of landlord is the one who has struggled to sell their property and has therefore decided to let the property out instead.
This new breed of buy-to-let landlord is posing a threat to the conventional ones with their modernized properties. This means that the more traditional landlords are finding their houses lying vacant for months as tenants are deciding to rent these more modern properties instead.
To compete with the modern investor, landlords must now renovate their properties and give them a facelift.
Landlords had previously put off such refurbishments, but with the ever increasing number of properties coming onto the market they are now having to incur these expenditures sooner rather than later.
It is therefore now more important for landlords to pay attention to detail and include appliances such as dish washers, dryers, and other white goods. As always the décor should be neutral to suit all types of taste.
A recent report pointed out that approximately 35% of residences in Central London are facing rental problems because of not being properly refurbished. For this reason tenants are unwilling to pay the high rent wanted for these units and are able to get better and more modern properties elsewhere.
