It might be a renters’ market at the moment, with demand for buy-to-let (BTL) properties continuing to be high and the supply of properties remaining low. 

However, landlords who want to drive greater interest through letting agents for their flats or houses could do these quick fixes to make their properties more appealing. 

High demand for properties

According to the latest Zoopla Rental Market Report, there is 25 per cent fewer rental properties available this year in comparison with 2019. 

This, coupled with steep mortgage rates, means rental demand is double what it was before the pandemic. Subsequently, the average rent for a new let in July was £1,245 a month, having increased by 5.4 per cent from the year before.

Rents are expected to increase by a further three to four per cent over the rest of 2024, and continue into 2025 as supply is set to remain low.

This is good news for landlords who are letting out their assets to new tenants, as they can capitalise on the increasing rents.

Why should they make changes to their property?

Some landlords, therefore, may ask why they should bother to make changes to their properties if they have a good chance of securing a tenant easily anyway. 

The first answer is that it helps to increase their potential rental income, encouraging a greater interest in their property, which will push up prices.

It also allows them to make important updates while their property is empty, in case their next tenant remains with them for a long time. It is much harder to get work done when there is someone living in the property. 

Subsequently, they would find it harder to increase their rent in the future if the property does not look as well-maintained as it could. 

By doing the work now, even if their tenant moves out, it reduces the amount of time the property remains empty, helping to reduce lost yields.

What quick updates have a big impact on rent?

You won’t want to spend a huge amount of money updating the property, unless it really does need a new kitchen or bathroom, so what quick remedies could you do instead?

Repaint

It’s amazing what a fresh lick of paint can do. Not only does it cover up any blemishes, but it can make the rooms feel brighter and cleaner. Keep the colour neutral so it appeals to as many people as possible. 

A shade like Dulux’s Colour of The Year Sweet Embrace, which is a “gentle blossom pink” looks great in every room and goes well with a variety of other tones and shades.

New flooring

One of the first things a prospective tenant will notice is torn carpet, buckled lino, or broken laminate so if there is any damage to the flooring, get this fixed or replaced straight away. 

This can make a huge difference to the feel of the property, and if you install laminate, tiles or wood, these are more likely to last a long time. 

Energy efficiency

Making the building more energy-efficient, such as by insulating the loft or walls, fitting double glazing or replacing the boiler, will be appealing to potential tenants, as this means they can spend less money on their fuel bills. 

Secure storage

Renting out a bigger property so there is enough space for bikes, hobby equipment, or sports gear can be a huge added expense. That is why providing some outdoor secure storage, such as a lockable shed or garden box, is a good idea, as they can avoid shelling out hundreds more pounds a month for an extra room to fit their belongings in.