The demand for rental properties in Birmingham and nationwide is increasing, and there are no signs of this slowing down in 2023. Birmingham is a great place to live and work and renters are taking note. If you own a rental property in Birmingham or want to buy your first buy-to-let property, here are the top 5 most important things tenants want from their rental property in 2023:
1. PFP’s (Pet-Friendly Properties)
In Britain, we love our pets! Over 62% of us have a pet so it’s no surprise that more and more tenants are looking for pet-friendly properties. The number of people who own a pet has increased over the past few years thanks to an increase in working from home meaning the demand is there. Landlords can benefit from this increase in demand by introducing a pet-friendly approach to renting and adapting their policies. As a landlord you should also:
- Check if your landlord insurance covers pet damage
- Consider extra fees for pets to cover cleaning and maintenance costs
- Fit laminate, tile, or vinyl flooring
- Install protective scratch guards on furniture
While there are extra points to consider when allowing pets on your property such as cleaning costs and protective noise complaints, your tenant pool will be much bigger if you welcome all creatures great and small (within reason of course).
2. Parking
Parking is a highly desirable property feature on the rental market. Parking in Birmingham can come at a premium meaning a parking space at home is high on the priority list for tenants. Many renters in Birmingham own a car and often families will have more than one. Off-street parking is not always possible in urban areas, but properties with designated parking close by are desirable too. If you can adapt your rental property to accommodate parking, this will increase the appeal to renters tenfold. If you have a front garden space that is suitable for parking, it may be more beneficial to invest in these changes. Having the added security and convenience of being able to park at a rental property can increase property value and earning potential.
3. Energy Efficiency
Landlords must keep their property in good condition and meet all the required regulations to offer a safe and comfortable home to tenants, but there’s more than landlords can do. The cost of living is having an impact on every aspect of day-to-day life and energy bills are a big concern. Savvy tenants are looking at the energy efficiency of properties as a priority in 2023. Landlords may find it tough to estimate bills right now, but what they can do is demonstrate the energy efficiency of their property.
- Energy efficient windows
- Solar panels
- Electric car charging points
- Loft insulation
- New boilers
- Draft proofing
We understand it’s not realistic to pay for everything on this list and more all at once. However, taking the steps to make your rental property more energy efficient will help not only attract new tenants but keep them renting long-term and increase profits over time. Not to mention it’s good for the environment too.
Our developments are built with lots of energy-efficient features, you can check out our available and upcoming properties here.
4. Office space
The pandemic saw many people shift to working from home and this new way of working isn’t going anywhere anytime soon. Making the most of indoor space is vital for renters in 2023 as working from home is the new normal. As a result, dedicated office space is a hot commodity in rental properties. An unused bedroom, study, or nook in the kitchen that can easily be transformed into a private working space can be advertised as such to tick off an important ‘must-have’ on the renter’s list.
5. Outside space
In a similar way to inside space, renters are increasingly looking for outside space as an important part of the search for the perfect rental property. Rightmove reported that the demand for properties with a balcony has increased by 70% as people want to make the most of the time they are spending at home. Spending time in green space or bringing nature into your everyday life can benefit both your mental and physical well-being so properties with balconies, gardens or shared courtyards are becoming more popular as we move further into 2023. We have a wealth of experience in the UK property industry and provide buy-to-let opportunities for investors interested in both commercial and residential properties. To expand or start your portfolio in 2023, get in touch with our expert team.
