If you are a landlord of a co-living property, the success of your investment hinges on more than just its physical attributes. Creating an experience that resonates with your tenants will enhance your ability to attract and retain tenants. With lower tenant turnover, this can help you maximise your rental income. Here are some strategies you can adopt to enhance the perceived value of your co-living space.
1. Provide an attractive interior design and enhanced furnishings
First impressions count, especially when your prospective tenant comes for a viewing. This is where the interior design and furnishings can play a crucial role in shaping the perceived value of your property. Invest in tasteful and modern décor, comfortable furniture, and quality fixtures and fittings to transform your property into a place that tenants will be excited to call home.
You can consider working with professional interior designers to create a cohesive and aesthetically pleasing environment. From the right colour palette to design elements that can create a welcoming atmosphere, this can elevate the tenant experience and encourage them to stay for a longer lease period.
2. Provide high quality amenities and ensure that the property is well-maintained
Tenants are drawn to a well-maintained unit and a variety of amenities. Consider investing in quality appliances in the kitchen and add touches of convenience. For example, if the unit comes with a dryer in addition to a washing machine, this is plus point as the tenant do not have to wait long for their clothes to dry.
Ensure that your housekeeping staff do a good job of cleaning the unit and schedule regular maintenance such as aircon servicing so that these are always in good condition.
3. Provide conducive spaces for socialization
Co-living is more than just a place to live. Some people like the connectivity and communal aspect of co-living. Therefore, design the common areas to encourage social interaction. You can also organise regular social events or activities to bring tenants together to create a sense of belonging and community.
When tenants feel that they are part of a larger, welcoming community, this will make your property stand out and they will also be more likely to recommend your co-living space to others.
4. Offer thoughtful extras
Small touches can make a difference in how tenants perceive your co-living property. And it’s these small thoughtful extras that enhance the overall experience. From digital locks for added safety to a fully-stocked kitchen with quality appliances, cookware and crockery, these conveniences can make daily life more comfortable for your tenants.
5. Strong tenant communications
Strong property management is the backbone of a successful co-living experience. A digital app can enhance tenant communications by providing your tenants with a convenient channel to contact you should there be any issues which arise. This will allow you to attend to issues such as repairs promptly and provide a positive tenant experience.