How to maximise my rental income in 2022?

How to maximise my rental income in 2022?

Landlords who make the appropriate changes to their properties before letting them will benefit from heightened demand and improved chances of a quick let.

Ways that landlords can grow their rental income include home improvements, better energy efficiency, increasing rent (in line with market rates), and targeting the best tenants. 

Only once the property has been improved can landlords expect tenant demand to soar. And the chances of attracting the best possible tenants can be increased.

Current economic changes are bound to have an impact on the lettings sector. But, at present, demand remains resolute.

It’s important that you don’t get complacent, though. You should pull out all the stops to maximise rental income to make the most of your investment properties over the rest of this year.

1/ Homes that look great let for more

A great way to help make your rental home feel fresh and appealing to tenants is with a fresh coat of paint.

Tenants coming to view a home usually analyse the outside of the property first. Landlords who trim the grass and clear the garden/driveway can give tenants the right first impression.

The more well-kept and clean the home is, the higher chance you have of pricing your home at the higher end of the spectrum. Albeit within the boundaries of current market rates.

Tenants who view a home that looks like it needs too much work would not expect to pay top prices. Meanwhile, tenants viewing a desirable space might pay more. 

A study by CIA Landlord Insurance analysed the average rents of furnished and unfurnished properties across the UK to reveal where landlords can maximise their profits. The findings show that furnished city rental properties charge up to 50% more in rent than unfurnished properties.

2/ Energy efficient homes command higher values

Statistics show that 52% of participants in a survey revealed they would pay more money for a green home. Over half of those participants would pay 10% more, while one-third would pay 5% more.

The rising cost of energy is likely to be a factor behind the increasing demand for energy-efficient homes. Typically, the less energy a home uses, the lower the energy bills are.

EPC ratings are a firm indicator of how energy efficient the property is. These EPC certificates show the environmental impact of a home, the current energy costs as well as the potential savings, the energy efficiency rating, and ways to improve the EPC rating. 

If you have made improvements to your home, you may be in a position to increase your rent. If you are unsure about how much rent you should be charging, a letting agent can provide guidance.

Ensure that the price you offer is not too steep. Instead, consider the current market rates before setting the price.

3/ Secure only the best tenants

If you keep your tenants happy, it is likely to be reciprocated through on-time payments and a positive long-term tenancy. This helps to avoid any void periods or problems. And helps you to maximise your rental income with a regular, stable income.

Of course, it is difficult to determine for certain whether a tenant will be easy to correspond with and look after the home. But with guidance from a letting agent, tenants can be screened effectively. 

Getting this screening process done professionally can increase accuracy and ensure you choose the right tenant to begin with.

 With so much to factor in, it’s key to work with an experienced, well-respected letting agent to maximise profit.

About us

If you have any questions about letting a home in the London area, Atkinson McLeod is here to help.

To find out more about our services and current operations, please get in touch with our expert team today. You can find out how much you could be charging in rent each month on the current market by requesting a free and instant online valuation here.

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How to maximise my rental income in 2022?
Atkinson McLeod explains how to maximise rental income in 2022.
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Atkinson McLeod
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