Tips to find a good tenant for your rental property

For London landlords, private rentals can be extremely rewarding. Whether you are renting out a single buy-to-let or managing a large property portfolio, the ultimate aim is to find reliable, long-term tenants who will take good care of your investment.

There is high demand for rental properties in London, and landlords usually have a wide choice of applicants. But there are a number of important factors to consider before you invite someone to rent your property. 

That’s why our Clapham letting agents create five tips that could help you find – and keep – the ideal tenant.

1. Get the right fit

Will your rental property appeal to young professionals? Families? Students? Perhaps an older couple who are downsizing?

When letting a property, it’s important to understand your target audience. Getting the right fit is important if you want the tenancy to last. If your tenant loves the location and feels a part of the local community, there’s a good chance they will want to stay.

This is where local knowledge can be invaluable. If you are not deeply familiar with the area where your rental property is located, a good letting agent will know which places are popular with a certain type of renter. That makes it easier to market your property to the right people.

2. Understand the competition

New lettings instructions were up by 25 per cent in January this year, so more properties are now available to rent. This means landlords who want to attract tenants should keep a close eye on what others are charging.

In 2023, London rents saw a record-breaking average rise of 6.9 per cent. While there’s no prospect of a major drop in values this year, it’s advisable to check out the competition before deciding on the rental price you will set for your property.

Take a careful look at similar rental properties in the area, but remember that small differences can impact price. If your property is closer to a good school or more energy-efficient than a lookalike rental a few streets away, you might be able to charge a little more. Why not ask us to provide a no-obligation, free rental valuation?

3. Is your property tenant-ready?

First impressions count, and professional renters always favour well-equipped and beautifully finished properties. If you want to attract and hold on to a good tenant, make sure your property is in excellent condition from the start.

It’s also important to ensure that tenant satisfaction is maintained after the move-in date. Malfunctioning appliances, draughty windows or damp walls will inevitably lead to irritation and frustration and may even cause your tenant to quit.

In future, we could see an even greater emphasis on keeping renters happy. One of the key promises in the Renters’ Reform Bill (currently making its way through parliament) is an end to fixed-term contracts. If the Bill becomes law, landlords will no longer be able to tie in tenants to long-term contracts. That means renters will be able to give notice to quit as early as four months into their tenancy.

4. What do your tenants want?

Preparation for a long-lasting, successful tenancy should include research into what tenants actually want. Last year, Rightmove analysed 600,000 renters’ responses to lettings listings. The listings that attracted the most attention advertised features such as ‘double-glazed windows’ (renters’ number one priority) and systems operated by ‘smart tech’ (number two). ‘New boiler’ and ‘energy efficiency’ also featured within the top 10 ‘must have’ items.

Reducing heating bills is clearly a high priority for renters. Rightmove’s list also showed that good transport links, along with facilities such as car parking spaces, were important to tenants.

5. What background checks can reveal

Referencing and background checks are absolutely central to the process of selecting a suitable tenant. These checks don’t just guard against potential fraud and loss of income, they can also ensure that the landlord doesn’t break the law.

A careful landlord (or an experienced letting agent) will carry out credit checks to reveal the applicant’s financial history. They will also conduct identity checks to make sure the applicant is eligible to rent a property in the UK. References from past employers and landlords will also be requested.

It’s crucial that every single stage of the referencing and checking process is followed. This will help you assess whether the applicant will be the right person to rent your property.

Ready to start your tenant search?

If you are letting a property in Battersea or Clapham, we would love to hear from you. Our award-winning teams offer landlords a seamless lettings experience backed up by super-efficient property management services. Call us today to kickstart your tenant search.