Flat and apartment rental prices have been growing steadily in Britain over the past few years – the Office of National Statistics (ONS) stated that rents have risen by 14.5% since 2015. Not only does this provide an additional income to landlords and hosts, it’s also a clever way to protect your assets.
Flats comprise just over half of London’s accommodation, compared to less than 20% in the rest of the country. Interestingly, during 2018 36% of property transactions in London were solely flats and apartment sales, this figure remains the same for the start of 2019. More so, in April 2019, 39% of property transactions were flats.
With that being said, it is clear that flats are becoming more and more popular in London. Tenants and guests are looking for flexible renting solutions, and frequent travelers looking to live on-the-go. Often built in central locations, flats and apartments are available at more affordable prices compared to houses.
If you are looking to maximise your rental income from your London flat or apartment, you’re in the right place. Flats are clearly an attractive choice, but what is putting potential prospects off?
Flats are renowned for being small in size, being so compact in an already full city, it can be off putting to potential tenants or guests . To avoid your living space feeling cramped or claustrophobic, we’ve compiled our top 5 ways for landlords and hosts to make their flats feel 10x bigger to boost rental income!
1. Use Space Wisely
When decorating your flat ready to advertise to potential tenants, you’ll need to think about the available space you have to work with. If you’ve got simple, flat walls, invest in streamlined furniture and push this up against the wall. This can open up more space in the centre of the room and help the flat to feel more organised and put-together.
Avoid larger, bulkier furniture with awkward shapes, especially in the smaller areas of the flat. Not only will they be harder to style in your flat and won’t fit flush against the wall, but they’ll also dominate and overwhelm the space, making it feel cramped.
2. Less is More
It can be tempting to invest in lots of furniture and accessories to either offer storage solutions or add some decoration. However, filling your flat with clutter can make it feel even smaller than it really is. It can also take up any essential space in the flat, making it feel overwhelmed and cluttered.
We recommend only investing in essential furniture items and using decorations sparingly. Having a clear flow of movement throughout the flat is crucial to make it feel more spacious, whilst offering your tenants with more living space.
3. Lighter & Brighter Colours
It’s important to choose the right colour palette for your flat in order to make the most of your space. White, or other pale shades, can make a smaller space feel more open and airy. This is because it can better reflect the light in the room.
Darker shades are known to make rooms feel smaller and darker. They can create the illusion of more shadow and darkness in the room, making it feel claustrophobic. If you’re working with a very small flat in central London, avoid darker tones. Opt for whites, pale greys or egg-shell shades.
4. Multi-functional Furniture
It’s time to get savvy with your furniture. Instead of buying a piece of furniture that serves just one purpose, think about furniture items that can maximise on storage solutions whilst looking fantastic in your property.
We’re talking beds with under-bed storage (or ottomans), sofas with drawers or desks with cubbies. If you can integrate storage opportunities with your everyday furniture items, you can enjoy more open floor space which can make the overall apartment feel bigger.
5. Reflective Accessories
Did you know that you can rely on the work of illusions to make a room feel bigger? Mirrors have the ability to create the illusion of more space due to reflecting both natural and artificial light and by adding depth to a room.
If you place mirrors in strategic places around the flat, you can trick the eye into seeing more space. Place a large mirror near a window and it can effectively reflect the light around the room, lighting up even the darkest of corners to create the illusion of a bigger room.
How Can This Increase Your Revenue?
Potential tenants will be far more attracted to a larger feeling flat than a dark, cramped flat with very little in regards to living space. If you’re looking to increase your revenue, these changes can make a world of difference.
How can Hostmaker Help?
As a professional property management company in London, we have a selection of services that can help landlords and hosts make the most out of their properties; we genuinely want to unlock the potential of every home.. For example, our in-house interior design studio can create unique interior solutions for even the smallest of properties. From refurbishments to entire decorating and furnishing jobs, we can create interior spaces that’ll delight both short-term and long-term tenants.
We can also perform a home audit, pinpointing areas of your home that may need improvement and provide you with actionable advice in order to make your home tenant-ready! We’ll assess the general state of your flat as well as its appearance and any areas that need maintenance.
Get in touch with us today to discuss how we can help you improve your property, as well as discuss our other property management services such as pricing assistance, hospitality services and maintenance.