The HMO market has remained buoyant and fairly resilient throughout the pandemic but the fact remains that some tenants and landlords are worried about what the pandemic will mean for demand for those in shared accommodation.
The demand will always be there in some form, single professionals and students will often prefer a HMO over a studio flat as they get to enjoy the additional space that comes with it such as a semi-private garden, living spaces, large kitchens and bigger bathrooms.
We’ve come up with some top tips to help landlords who are considering renting out a HMO during the pandemic and beyond:
- Cleanliness – This is important, whilst properties should always be kept to a good standard, it is more important than ever that this is adhered to now. Either encouraging tenants to come up with a cleaning rota or pitching in for a cleaner should be top priority at the moment.
- Condition – Ensuring the property is kept in good condition gives prospective tenants greater peace of mind. Mid-term inspections are vital with a HMO as a property can quickly fall into a bad state.
- Location – This is vital for HMO’s at all times but even more so now, if the location is good (such as near a university, train station, commuting spot) then the demand will be too.
- Focus on the positives and maximise them – Is there good storage space? A large dining table? A garden? Parking? These are all reasons that people may choose a HMO over a self-contained property and you need to highlight this and maximise it. If the garden needs a bit of a tidy up then its well worth sorting it to get tenants in situ.
HMO management agency have a wealth of experience in letting out and managing HMO properties, so for more helpful tips simply get in touch today and we would be happy to help!