How to find the perfect tenant for your rental property
Currently the rental market in Carmarthenshire is at an all-time high with properties being let quicker than ever. As a landlord this is great news as you can choose the perfect tenant for your property.
So what are the different types of tenants and which one is perfect for you?
Working professionals
These are often thought of as the prefect tenant, usually a single person who wants a property close to their place of work.
The pros of these tenants are they have a secure income and therefore less likely to fall in arrears. As they are usually single tenants the wear and tear on the property is reduced.
The possible downside to these types of tenants is that they may only be in the area for a short amount of time so you may be re letting the property often. Also just because they have a good job when they move in doesn’t this will continue and their financial situation could change.
Families
The most common type of tenant, families usually want a house with a garden close to good schools and within close proximity to the town centre.
The pros of families renting your property are that they tend to rent for the long term and will often make it their home. Most families also like to furnish the property themselves saving you the hassle and cost.
The main downside to having families living in your property is the higher wear and tear, most families like to decorate the property themselves and hang picture or paint a child’s bedroom so more often than not landlords will need to decorate between tenants.
Students
Students tend to have a bad reputation but is it as bad as it seems?
If your property is close to a university or collage then you have the option to rent room by room therefor increasing your rental yield. Most students receive some sort of student finance so the rent is usually guaranteed with a reduced risk of arrears. Most students also have a guarantor, usually their parents, so you always have them to fall back on.
The usual downside to having students is the higher risk of damage to the property, as we all know students like to party and this could cause damage that they may not report which could get worse over time. Students also usually only tend to live in the same house for the academic year so be prepared to have a change of tenants every 10 months as well as the work required to get the property back into good condition.
If you would like to know which tenants are perfect for your property contact us for more information? Or click here if you’re a landlord looking to rent your property and would like an online valuation.
