Over the past few years HMO landlords in England have seen an increase in demand for high-end properties that offer better features and amenities.
Professional tenants today have greater expectations than ever before and are keen to get maximum value for money when choosing a place to live.
Modern HMOs aren’t just a roof over the tenant’s head. Rather, HMO tenants in England are looking for somewhere stylish and comfortable that they can call home and that comes with every amenity needed for contemporary life.
So, what does this mean for HMO landlords in England? How is it possible to keep up with this new demand?
A Change in Rental Trends
Recent surveys have shown that HMO tenants now expect these things as a minimum when choosing somewhere to live:
- Bigger rooms
- Quality furnishings
- Ensuite bathrooms
- Modern kitchens
- High-speed broadband
Features like energy-efficiency and gardens are also becoming a top priority. Therefore, understanding the new trends as well as how they affect your local market is vital if you want your HMO business in England to be a success.
What are the Advantages of High-End HMO Properties?
More young professionals these days are looking to HMOs when finding a place to live. With property prices on the rise, buying a home is often out of the question at this stage in their lives, and with individual rentals still largely unaffordable, it makes sense to move into an HMO with other like-minded people at a more affordable cost.
By renovating your HMO property in England to meet modern renters’ demands, you can put yourself ahead of your local competitors, boost demand, fill up your rooms more rapidly, and even push up rents.
How Can I Update My HMO Portfolio?
Staying ahead of this high-end HMO curve may mean you have to carry out updates and renovations to your properties.
Some ways to achieve this include:
- Think about who your target tenants are and what they want in a property. Research the most up to date rental trends in England and determine which features and amenities local tenants are seeking and prioritising.
- Consider adding high-quality features to your property such as a study or office space to facilitate online classes and remote working. Quality community spaces are also popular amongst HMO tenants today, with breakfast bars being an especially appealing addition.
- Use higher-quality appliances, finishes, and materials that will last a long time while also giving the property a luxurious feel and look. Opting for eco-friendly white goods will appeal to modern tenants who are keen to live a more energy-efficient lifestyle.
- Make design a priority. Today’s HMO tenants want properties that have contemporary and stylish interior design schemes. Vinyl wall pieces, colour splashes and stylish artwork are all small touches, but they make an enormous difference to the feel and look of your property.
If you’re looking for an effective HMO property management solution to find the perfect tenants for your newly updated HMO property, don’t hesitate to get in touch with the team here at The HMO Network on 01245 835 859.