At Paramount, we love working with owners with great properties that we find perfectly matched residents for. When the time eventually comes for our residents to move on, we always ask them two simple questions
- What did you love most about your property?
- What do you wish you could change?
Two straightforward questions, but the answers hold the key to telling us exactly what makes a rental home feel like home, and what quietly drives people to look elsewhere.
It’s invaluable insight to know what modern renters care about most when looking at potential new homes. As an owner, you can use this intel to strategically make simple upgrades that will lead to better retention and residents who will respect your property.
You'll hear us bang on about it all the time: "We want to make your property work harder for you." Our resident reviews have helped us do that for hundreds of our owners for years. Listen, adjust, and create a home that attracts long-term, quality residents at a price that works for you.
Let’s take a look at what they love.
The majority of our north-west London renters are working professionals, and with West Hampstead and the surrounding areas having some of the best transport links in the city, it's no surprise our renters are loving it.
We all know location, location, location is going to attract your property’s new residents, but is it going to make them stay, or convince them to pay a price that works for you? Elevating your home to tick all their boxes is going to unlock the key to a high-performing rental investment.
Let’s check out what you should be focusing on to make sure you have a home ready to rent to quality residents at a price you want to achieve.
- Space / size (38%) - Space is everything, especially in London. Think clever storage solutions and appropriately sized furniture
- Light / brightness (27%) - Improved through smart colour palettes and light installations. Paramount’s maintenance and refurbishment team are experts in manipulating light in spaces
- Modern / condition (27%) - Modern kitchens and bathrooms are always more likely to be in better condition, and therefore will always win
To keep a resident for a longer period, you want to build a space they can't outgrow. If they do, that should be down to circumstance, not the functionality of your home. Our pocket of North West London is primarily in the period home business, and with that comes chimney alcoves and incredibly high ceilings. Build up and give your residents some of their floorspace back. What we’re trying to say is: storage equals less stuff out, and less stuff out means more space.
Once you’ve nailed those? You’ll have a home renting quickly to quality residents, and at a price you probably didn’t think you could achieve.
What about what they don’t love?
When asked, “What do you wish you could change?” We rarely receive harsh responses to this question, but one point always comes out on top - windows and double glazing.
We live in a loud city that never sleeps, but that doesn’t mean that your residents don’t want to. No one is going to stay in a property they can’t sleep in, so double glazing at a minimum is crucial. Not only for sound reduction, but also improving your property’s EPC rating, reducing your residents' bills and doing future-you a favour of not dealing with a big repair bill for damp once they move out.
Unsurprisingly, space and size made another appearance, coming in the top two on what residents would change (24%). It’s no coincidence that space and size appear on both lists. It proves the point that if residents feel like they’re outgrowing a space, they’re going to look elsewhere. We’ve already covered a few clever ways to improve the perception of space, and many of these upgrades are inexpensive, so to us, they’re a no-brainer.
As an owner looking to let your property, ensuring you make these enhancements to the space can lead to higher retention, better reviews and perhaps most importantly, fewer voids. Best of all, these aren’t difficult to achieve; they are often quick and easy wins - you just need the right guidance.
With our maintenance and refurbishment team, we can advise on how specific works can improve your rental uplift and capital investment, from insulation to light fittings. Want to talk through elevating your property? Give us a call on 020 7372 0202 or head to our website: www.paramount-properties.co.uk
