The demand for rental properties with gardens is higher than ever, but did you know just how much rental value they can add to your property?
The pandemic has bolstered the appreciation both homeowners and tenants have for outdoor spaces. One of the first restrictions to be lifted in each lockdown was the ability to see a small number of people in private gardens. With the closure of bars and restaurants, paired with social distancing guidelines affecting busy public spaces, having a garden has been the ideal solution for many to socialise in person.
Yet, one in eight households (12 per cent) in Great Britain has had no access to a private or communal garden space during the coronavirus lockdowns.
The term ‘Garden’ was one of the most popular search terms in 2020 when it came to looking for a property; both to buy and rent. For properties without a garden or communal outdoor spaces, tenants are unfortunately restricted. Having a property to let with any form of outdoor space, be it a yard or a garden, communal or private, is a certain way to drive further interest in an already high demand rental market.
In addition to the demand, however, having a garden space adds to the rental value of a property, generating more monthly income.
The average monthly rental figure for properties currently in Greater Manchester (including flats and apartments) is £867.00pcm*. Yet for properties in the region that have gardens or outdoor spaces such as yards, communal areas or balconies, the average rental figure is £1,011.50pcm*. That’s a 16.67 per cent increase in rental value.
There are, however, some considerations to take when investing in a property with a garden. Unkept gardens can spiral out of control quickly; dropping the kerb appeal of your property whilst potentially causing damage as well.
Prior to any tenancy commencing, each tenant should be informed that the condition of the garden must be kept tidy for the end of the tenancy. Typically, landlords are the ones responsible for the maintenance of hedges, trees and shrubs throughout the duration of the tenancy; including trimming, cutting back and lopping.
Any specific instructions for maintenance of certain elements of a garden, such as individual trees, shrubs or plants, must be made in an addendum to the tenancy and what is expected from the tenant. If there are any plants or trees that hold sentimental value to a landlord, then they should consider the removal and relocation of these for peace of mind.
Assuming a gardener is not included as part of the rent, tenants should be advised to keep their garden neat and tidy and in seasonal condition. This includes the day-to-day garden maintenance: weeding, leaf clearing, watering (especially in the dryer summer months), deck cleaning, cutting the grass, and so on.
If gardening tools and no specific instructions are given in the addendum to the tenancy agreement, the tenant will be expected to provide their own tools.
Investing in rental properties with gardens may require slight additional work in order to keep the space looking immaculate and desirable to prospective tenants, but the increased monthly income speaks for itself. For more information on managing a property with a desirable outdoor space for tenants, give our property management team a call on 0161 820 6638.