Talk to those struggling to jump onto that first rung on the property ladder, and many of them will admit some jealousy towards the Baby Boomer generation and their free university education, eye-watering property windfalls, and golden final salary pensions. We can apportion blame to hyperinflation in the 1970’s, Margaret Thatcher selling off millions of council houses and the Blair/Brown combo doubling stamp duty in 1997 and again in 2000. Although May’s Government has finally changed the draconian stamp duty rules to incentivise mature homeowners to downsize, and make it easier for young professionals to snap up modest family homes, arguably this has taken way too long to be realised.

Craig and I have fallen unhappily into this camp for many years. The current national average deposit is £51,800, which is, by far, the greatest barrier to those wanting to buy their first home. Although our personal circumstance have now improved and we are currently buying for the first time, we have clocked up a rather impressive 30 years of private renting between us. In fact over the course of our 7 year relationship, we’ve rented 4 properties and paid over £100k for the privilege.

Although we’re finally moving on, with renting growing ever more popular it’s important for landlords to know what people are looking for to ensure they beat the competition and get the tenants. Millenials are retaining their place as the top renting group in 2018, and HomeLet want to know just what are renters looking for in 2018?. Always happy to oblige, here are my top tips for landlords going into 2018…

A simplified, digital application process:

A real benefit to renting is how quickly and seamlessly renters can move from property to property. When they change jobs, start a family, or fancy an upgrade, they can hop onto a property site and search out potential properties to suit their lifestyle. As technology evolves, so should the process of acquiring rentals. Virtual tours, 3D floorplans, a digitised application process and online portals for rent payments and maintenance requests are therefore the way forward for busy frustrated renters.

Timely call-outs in an emergency:

Fortunately, we’ve never lived in a property where things went disastrously wrong. We haven’t experienced boiler failure, damp or any major leaks, but when you’re paying over a third of your household income to live somewhere, I expect be to able to receive a timely call out for far more minor problems.

Being without a washing machine for 3 weeks, or high speed WiFi, is apt to frustrate your renters. They need to be sold a carefree lifestyle with top branded regularly-serviced white goods and a high quality finish across the board. The golden rule is to offer homes that landlords would be happy to live in themselves. Keeping walls clean and neutral when advertising the property is therefore a must to attract top-paying young professionals.

Keep inspections to a minimum

Whilst I appreciate that leaving tenants to their own devices in a property can be stressful, and landlords are likely to have experienced at least one horror story in their time that has left a lasting impression, inspections are incredibly disruptive to renters. Any self-respecting renter will want to do a mammoth tidy-up and deep clean before their landlords come over, no matter how informal the inspection. Keeping them to an absolute minimum and backing off when a tenant has satisfied an initial inspection is therefore key to maintaining a good relationship with one another.

Allowing for light redecoration

I’m not suggesting a landlord should allow for their tenants to embrace their penchant for red walls, however considering each project on a case by case basis seems perfectly fair. Renters often feel like they live in a magnolia bubble, and cream everything is not always conducive to family life. Offering to put up shelving and wall decoration does help, but should you be adverse to the odd feature wall in a child’s bedroom…?

For from being a big issue, if your tenants are long-term reliable ones, allowing for the odd feature wall and for them to touch-up paintwork when required can actually keep them happy for longer. A willingness to repaint a wall to cover wear and tear shows pride in their home, and can actually cut down on the maintenance work required in-between tenancies. For your peace of mind, insist on a qualified decorator for all paint jobs, and avoid wallpaper like the plague.

Consider allowing pets

This has never been an issue for us as Craig is allergic to just about anything with a smattering of fur, but had he not been, I’d have insisted on a cat. Pets are part of family life nowadays, and so many landlords refuse them, there could be a real opportunity here to snag yourself a lucrative and conscientious renter if your rental property has predominately hardwood or laminate flooring.

No yearly price hikes

I can appreciate that legislation changes and the like can impact your monthly yield, but try where possible not to pass these costs onto tenants. We’ve only had our rent put up once in our lifetime, but we’ve had friends impacted annually which seems incredibly unfair.

Renters will keep a beady eye on the property market, both houses for sale and for rent. As they watch the rental prices go up and bigger homes become less attainable, they’ll be less inclined to move. So don’t be greedy and look after your tenants.

Keep exits smooth - don’t screw your tenants over every penny

If I never hear the words “wear and tear” again it’ll be too soon. Landlords tend to have an unhealthy fascination with this, and it often leads to renters shelling out on expensive paint jobs and replacing carpets upon vacating a property. This inevitably eats out of a renters deposit, which is often much needed after forking out on a new deposit for a new place.

Whilst I understand deposits should be withheld when a tenant leaves a property in a unacceptable condition, the odd scraped wall, and stained carpet is natural in a family home. It is particularly unfair when the flooring wasn’t newly fitted when the tenant initially moved in. We’ve had this happen to us many times, leading to protracted fights and lengthy waits for disputes to be resolved by arbiters. It’s not fair, it’s not right, and has been my biggest irritation throughout my renting experience.

Cashback

If you had to ask me what makes the perfect landlord, I’d definitely think about some sort of annual cashback incentive for non defaulting tenants. This could be as little as £5/10 per month payable at the end of their first year. I’ve never seen this done, but can imagine it being a huge incentive for cash-strapped renters. It’s all about offering added value and keeping reliable tenants happy.

Have I missed anything? If you want to help shape the future for renters nationwide, join the debate on social media using #MillennialRenting and get your voice heard.