Depending on the kind of rental property you own, there could be multiple types of tenant who'd make a good fit, but which one is the best one for you?

Working from home, changing demographics, and increasing rents have all affected the rental market in the Wilton and Salisbury area, changing the way homes are used and who suits them most.

Whether you've owned your rental property for a while or you're eyeing up one to buy, it's essential to know which types of tenant offer the best return, and what attracts them.

To help you identify the right market for you, we've put together this handy guide to explore the following types of tenant:

• Singles & couples
  
• Professional sharers
  
• Family tenants
  
• HMO (House in Multiple Occupation)
  
• Student rentals
  

Finding the right match profoundly impacts your management effort, cash flow, and your property's longevity, so let's look at who's best for your property and the factors that pull them in.

SINGLES & COUPLES
Renting to singles and couples is most often about comfort, convenience and accessibility, from the design of the interior to the proximity of transport, shops, and entertainment.

• Target homes are usually studio, one- or two-bedroom apartments and small houses that are easily maintained with stylish modern decor and fittings.
  
• Studios tend to rent to people living alone, while dual-income-earning couples use their extra spending power for more space and a separate bedroom.
  
• Two-bedroom properties with a single second bedroom can appeal to people working from home, or those thinking ahead about starting a family and needing a future nursery.
  
• Generally speaking, singles and couples look to rent in locations convenient for local transport and having an active social life.
  

With just one or two people living in a property, the wear and tear can be very light. However, smaller homes can see tenants move on sooner if better opportunities arise as their lives progress.

FAMILY TENANTS
Whatever their age, most houses with three or more bedrooms are built with families in mind, which makes family tenants one of the most stable and longest-term tenant profiles.

• Parents value security, space, and community, and one of their biggest qualifying factors is the proximity of good local schools and finding homes within their catchment areas.

• They also like to be near other families to build friendship groups with children and parents for play dates, babysitting and socialising in each other’s homes.
  
• Gardens are essential, especially those with lawns where children can play safely. Easy parking and streets with low traffic are also much preferred.
  

If you think your rental property might be suitable for family tenants, take a look at our Renting to Families blog for a deeper dive.

PROFESSIONAL SHARERS
Renting to professional sharers generally produces more rent than renting to families because each person living in your property is a working adult. However, there are some things to consider:

• Professional sharers tend to look for homes where all the bedrooms are doubles, as single rooms tend to have a high turnover because they simply don't feel very grown-up.
  
• With a houseful of adults using the kitchen and bathroom facilities, there needs to be plenty of cupboard space to house all their groceries and personal products.
  
• House shares are generally for younger, busy tenants who appreciate things like a low-maintenance garden, a good local social scene, and efficient transport connections.
  

If you'd like to explore this idea further, take a look at our Renting to Sharers blog for plenty of tips on making it a success.

HMO (HOUSE IN MULTIPLE OCCUPATION)
HMOs are a strategy for maximising your rental income by renting individual rooms on separate tenancies. However, the extra earnings come with extra management duties and legal obligations.

• Different local authorities have different licensing rules, from the number of occupants that classify an HMO, to limiting the number of HMOs on certain streets, or imposing total bans.
  
• The model has a higher turnover by design and requires landlords to manage the shared areas, from cleaning kitchens, bathrooms and hallways to maintaining any outdoor space.
  
• There are multiple areas of legal compliance, including stringent fire safety regulations, minimum room-size standards, and the ratio of bathrooms to occupants.
  
• For sheer practicality, landlords usually take responsibility for council tax and utility bills by offering all-inclusive tenancies.
  

As we've said, there’s a lot to think about before turning your property into an HMO, so take a look at our Single Let or HMO blog to see if the model is right for you.

STUDENT RENTALS

Successful student rentals are about a balance of meeting HMO legal requirements and catering to the realities of a modern university lifestyle.

Unlike the other types of tenant we've covered, student rentals are usually furnished, with a bed, wardrobe, desk and chair expected in bedrooms, plus living and dining room furniture.

• Focus on durable and replaceable fittings. You don't need designer luxury, but do choose a fresh, simple style with easy-care items that also comply with fire regulations.
  
• Students look for homes close to their campus, preferably within walking distance or a manageable cycle ride.
  
• Given their low income, you'll need a guarantor for each student on the tenancy agreement (usually a parent), which means extra referencing checks.
  
• All-inclusive tenancies that include the cost of gas, electricity, water, broadband and council tax are much preferred for students to budget more easily and for a continuous service.

In a nutshell, renting to students means thinking about young people who are living away from home for the first time without much – or any – experience of running a household.

What's next for you?
If you're a landlord in the Wilton and Salisbury area, we'd love to help you explore which types of tenant are your best target market.

Turning your rental property into a magnet for your perfect match is our forte, so call us on 01722 580059 or message us at info@piccoloproperty.co.uk for a friendly, no-strings chat.