With changed taxation and renting rules, it has become expensive for people to get an apartment on rent. However, HMO or house in multiple occupation is a cheap and reliable option benefiting not only the renters but also the landlords/investors. But keeping the demand for HMOs in mind, the competition among such accommodation providers is on the rise.
Every landlord wants to improve the outlook of their property so that it attracts the best tenants. Thus, property investment services can provide the latest property designs and suggest the following tips that can prove beneficial for landlords.
What Qualifies As An HMO?
House in multiple occupation (HMO) is an accommodation with two or more renters living together under one roof. They live in separate rooms and pay their own rents but share common facilities such as a kitchen. If the number of tenants is more than five, HMO must get a license. The validity of this license is from three to five years.
How To Make HMO Attractive For Tenants?
There are several ways to make your HMO attractive for the tenants; however, most of the ideas are expensive. Here are some tips that are cost-effective:
1. Larger Rooms
Each investor and landlord wants to make their HMOs attractive enough to get the attention of the best tenants. Many prefer long-term and professional renters as they will generate high rental yields and lower void periods.
Yes, the size actually matters, so bigger rooms are better. Since many HMOs are providing standard room sizes, you can get an edge by offering larger rooms. It will not only help you cater to the best tenants but also get a higher rental price.
2. Rooms With En-suites
If the room size is large enough and there is enough space, you can install an en-suite. Many professional renters prefer intimacy, and what’s better than an attached bathroom? It not only ensures hygiene but also safety in this time of the pandemic. During Covid-19, the demand for rooms with en-suites increased drastically. You can also grab this opportunity and install an en suite.
3. Add Communal Space
It is a common practice among landlords who convert their apartments to HMOs to convert the living rooms to an additional bedroom. Though it will help to get more returns, it is not a desirable layout for top-notch renters.
Apart from the kitchen, there must be some shared space for the tenants to sit and relax. Therefore, have a communal space, and you can be creative with how it looks. Add some plants and paintings to make it more attractive.
4. Furnished Room And Cozy Environment
We all know that what looks good, sells more. It is also true in the case of renting apartments. Today, many tenants want to live in a quality HMO with the best facilities. This includes providing furniture, TV, WiFi, etc.
It makes your apartment even more desirable for renters who cannot afford to buy new furniture. Especially, young students who want to rent a room near their campus, what’s better than a furnished room? You can give the room an aesthetic look by adding rustic lighting to it.
5. Functional And Spacious Kitchen
If the rest of the apartment checks all the boxes of a renter except the kitchen, you will lose that tenant. It is one of the essential areas in an HMO apartment. You need to make sure that it’s well-maintained, spacious, and functional.
There should be enough cabinets in the kitchen to put utensils and other raw stuff. Moreover, it should not look run-down as it gets used excessively in shared accommodation. Spend some money on getting it repaired before the tenants move-in.
6. Play With Colors
If your HMO looks dull and boring, it might be suitable for short-term tenants, paying regular rents. But for the best renters, you need to make your apartment look attractive. One easy method is by adding colors to it.
You can get help from an expert regarding this; add paintings, change the lighting, change the wall texture, add plants, etc. The more appealing your apartment looks to the eye, the higher chance of getting more quality applicants for it.
According to HMO Property designs, the apartment’s layout matters the most in today’s competitive HMO market. Landlords and investors can stay in the market and put up a good fight only if they keep their property well-maintained and up-to-date.