While maximising rental income may be more of a priority for some landlords than others, there’s no doubt it directly impacts the financial viability of a property investment.
Underlying everything, the amount a property is able to generate from rent will need to cover everything from property maintenance and unexpected expenses to potentially increasing mortgage payments.
Regularly Review and Adjust Rent Rates
Placing an undue burden on renters would be unfair, but as market prices change, it is prudent to keep an eye on the market for the potential to increase your rent to match what is standard for other properties similar to yours in the area.
Increasing your rent too much can have a negative effect, such as deterring tenants as well as driving out good renters who are simply unable to afford an increase. Striking a balance requires careful consideration of local market dynamics and operating costs.
Add Value through Property Improvements
Common property improvements to raise value include kitchen and bathroom renovations, as these areas are key selling points for both potential buyers or renters. As well as increasing the long-term value of your asset and justifying a higher rent, it will also make it more likely for renters to stay (assuming the renovation works are not too disruptive to daily life).
Additionally, enhancing curb appeal through landscaping, fresh paint, and exterior upgrades can significantly increase a property’s perceived value and attract more favourable tenants.
Implement a Tenant Retention Strategy
High tenant turnover, especially in HMOs, can sometimes be costly for landlords if there is no pre-existing flexibility for vacancy rates built into their profit model.
An empty property or room involves a pause in rental income, additional marketing expenses, and potential maintenance or cleaning costs. As such, implementing some kind of tenant retention strategy is a proactive way to maximise rental income.
As experienced estate agents in Luton, Dunstable and other cities in Bedfordshire, we know what our landlords really care about and are proud to offer a Guaranteed Rent scheme to landlords as a standard part of our fully managed service, with no hidden or additional costs involved.
Proactive Property Maintenance
Well-maintained properties are more attractive to tenants and can justify higher rent rates. Regular and proactive property maintenance as well as addressing maintenance issues promptly can prevent small problems from turning into costly repairs and potential tenant dissatisfaction.
At Bedfordshire Accommodation Bureau, we are proud to offer a property condition guarantee to our landlords as standard—drawing from our experience as estate agents in Luton and Bedfordshire in understanding the needs and priorities of our clients.
