There are many things that prospective tenants will look for when trying to find a new property to rent. A lot will come down to individual circumstances and preference. But things such as property location, number of bedrooms/bathrooms and available parking are some of the most common features to be considered.
Another feature that is often highly sought after is energy efficiency and this is something that landlords should be aware of to ensure their property is well received by their target market.
Whether you plan to use a property management service or are looking to deal directly with your tenant, ensuring that your property is energy efficient is a great way to make it more appealing to those interested in renting.
But this is not the only benefit of having an energy efficient property on the lettings market.
What Are the Benefits From Making a Rental Property Energy Efficient?
Lower Energy Bills/Tenant Satisfaction
Tenants will feel highly satisfied knowing they are not paying over the odds for their energy bills. A well insulated property will be warm and cosy, especially during the winter, as well as less prone to damp.
Longer Tenancy Agreements
A satisfied tenant is more likely to renew their rental agreement and even agree to a longer contract when the time is up to renew. Of course there are many things to consider to keep a tenant happy. But ensuring they have reasonable energy bills and a warm and comfortable place to live are certainly two important things to try and achieve.
By following current guidelines and best practices with regards to energy efficiency, you will be best placed to ensure your property remains unaffected if any legislation changes occur in the future.
Property Value/Ease of Future Sale
Having a good EPC rating can positively impact the value of your property and make it easier to sell, if and when the time comes to put it on the market.
Top Tips to Make a More Energy Efficient Rental Property
Unsure of the best way to make your rental home energy efficient?
Read on for 7 top tips…
Installing double-glazing helps to keep warmth inside the property, which in turn will lead to lower energy bills when compared with single-glazed windows. Not only do they help reduce heat loss, but they are also more secure and can help reduce levels of noise pollution.
During warmer summer months, double-glazed windows will also help to keep the property cooler, by insulating it against the sunshine.
Energy Efficient Appliances
Household appliances such as washing machines, refrigerators and televisions are typically much more energy efficient now than they were 10 or even 5 years ago. With this in mind, it’s worth looking at any appliances which will remain in the property as part of the rental agreement and then working out whether or not they need replacing.
Replace Old Boiler
If the boiler in your property is old and on its last legs, it’s certainly worth thinking about replacing it before a new tenant moves in. Although this could be quite expensive, it will prevent the likelihood of boiler-related problems occurring for your tenant and also result in cheaper energy bills for them too.
A new boiler could quite easily boost your property’s EPC rating as well.
A lot of heat from a property gets lost via the roof, around 25% if it’s uninsulated. By getting the loft of your rental home properly insulated, your tenants will benefit from much cheaper energy bills.
A much more affordable and easier way to improve the energy efficiency of your rental property, compared with fitting a new boiler or getting the loft insulated, is to ensure that the doors are draught proof.
Energy Efficient Lighting
Another simple and cost-effective way to achieve better energy efficiency in a home is to replace old light bulbs with more optimal alternatives. LED light bulbs are very efficient and have a much longer lifespan than most alternatives.
Smart meters can help the tenant keep an accurate account of how much energy they are using. With this data, they will be better placed to make informed decisions when it comes to energy usage and in turn, reduce their bills.
A More Appealing Property
One of the main benefits of renting a property is that it requires far less commitment and financial outlay compared with buying somewhere. However, tenants will still need to pay their energy bills during the time that they occupy the property.
By making your rental property as energy efficient as possible, you are likely to ensure that it’s more appealing to a wider range of potential tenants and also easier to sell in the future.