Getting Your Property Ready For Room-By-Room Rental
If your rental property has several bedrooms it makes sense to rent it to multiple occupants. Renting out your property room-by-room can increase your rental yield by 20-30% compared to renting out the entire property as a single unit.
There’s also less risk of vacant periods as tenant demand is higher and it takes days rather than months to fill a room.
However, you need to ensure your property is suitable for multiple occupancy before you start looking for flat share tenants.
Depending on the layout of your property, it may just need some minor adjustments to make it ‘rent ready’ for multiple occupancy. However, any investment you make will increase your ROI if your property ends up producing a higher yield.
Here’s some tips to help you get your property ready for room-by-room rental.
Keep colours neutral
Individual design tastes (including your own) inevitably vary, so ditch the wallpaper and loud colours and opt for light, neutral colours throughout the property. White walls may show up dirt and scuff marks but they’re far easier to repaint and touch up areas between tenancies.
Blinds not curtains
Simple blinds look far neater than curtains and give rooms a more spacious, contemporary feel.
Choose the right flooring
Carpet and floor damage is the most common issue in rental properties. Minimise the risk by laying wood effect laminate flooring in the downstairs or communal areas such as the kitchen and lounge. Modern laminates create the warm, inviting appeal of wooden floors but are more durable, scratch proof and are far more affordable than real wood flooring.
Limit carpets to the bedrooms and choose a neutral beige colour in a shorter pile that’s easier to clean.
All tenants have a right to privacy, so make sure all bedroom doors are fitted with locks.
Every bedroom should have plenty of available storage. Slimline built-in wardrobes with internal shelves and drawers offer an all-in-one storage solution so smaller rooms don’t need to be cluttered up with extra furniture. Mirrored doors are an extra convenience and can make rooms appear more spacious.
Fit a power shower
There’s nothing worse than a shower with hardly any pressure, that doesn’t work well. Even if you don’t want to refit a new bathroom, at least fit a power shower. Low flow power shower heads can dramatically reduce water consumption without compromising the pressure.
Any additional extras you can provide to make communal living more practical for your tenants, will also make your property more appealing and easier to rent out. Including features such as a microwave oven, a larger fridge, a dishwasher, WiFi, and HDTV in the communal lounge can make all the difference.
Pisoria specialises in flat shares and can offer landlords expert help and advice on preparing their properties for room-by-room lets. We offer a range of flexible services, from lettings only to full property management.
We can also provide you with competitively priced builders, interior designers and furniture suppliers to help get your property rent ready for flat sharing tenants.
For more information on our services for landlords, contact us today at firstname.lastname@example.org.