Designing an HMO property (a house in multiple occupation, also known as a flatshare), isn’t as easy as it used to be. Young tenants these days are less concerned about saving pennies for the pub. Now, they have higher standards when it comes to their living space.
Instagram may be responsible for people wanting a pad they can show off. Or maybe the pandemic caused tenants to rethink their needs. Either way, UK flatshare renters are willing to shell out more money for nicer flats. That means, with a bit of clever HMO design, landlords will be able to make more cash in the long term.
We’ve got a few tips below that will instantly improve your HMO property and allow you to charge more rent each month without spending much yourself.
Let’s get started.
1. Create a Communal Space
Young flatshare tenants consider it important to develop good relationships with their housemates. In fact, it’s part of the flatshare experience to make new friends and develop a community. However, landlords are making it harder to do that by converting common spaces into additional bedrooms.
Common areas are becoming rarer and are highly sought-after among HMO renters. Designing a welcoming living room or adding some extra seating to a kitchen can really make your property stand out.
2. Add Storage
If there’s one thing HMO tenants never have enough of, it’s space. When multiple adults move all of their belongings into one house, things can get cramped and cluttered. Adequate storage is a perk that tenants will likely pay more for, even if it’s not in their bedroom or even on the property.
If you have an HMO house, consider adding a weatherproof shed to the garden where tenants can keep their luggage and seasonal belongings. Converting an old pantry into a closet is also an option, as most tenants won’t need more than a cupboard for their shopping.
For HMO flats, you might consider offering off-site storage in a storage unit—a luxurious add-on with a low price tag for landlords.
3. Fresh Paint, Fresh Mood
You don’t need to renovate your HMO to draw attention. Sometimes, a coat of fresh paint will do the trick—if you use colour wisely.
First, determine a colour palette to use throughout the home. This will give the entire space a cohesive feeling. Then, focus on enhancing the mood of each room using your chosen colours. For example, blue and turquoise are relaxing in bedrooms, and bold colours add personality to common spaces.
Oranges and yellows are good for kitchens and social areas. They inspire feelings of happiness and promote high energy.
4. Modernise the Appliances
Old appliances make an entire home appear out of date. Modern amenities, on the other hand, make a space seem modern even if it has rickety bones.
Young tenants will be engaging a lot on social media from within your property, so give them something to post about. A nice washer and dryer combo, a new oven, a large fridge—these are all upgrades that pay for themselves because they allow you to increase the rent.
Modern appliances can also attract tenants to your property even if it’s located in an inconvenient area. Many people will sacrifice location for modern comforts.
5. A Twist of Personality
The properties that don’t easily let are not always the worst. Sometimes, they just don’t stand out from the crowd. Modern tenants with higher standards of living dread living in a flat that screams “blah.” But you can easily erase the boring bits by adding some personality to the space.
What would make your property truly stand out? If you have a garden, you could add some garden furniture or an outdoor table tennis table. Indoors, you could spruce up a living room with patterned wallpaper and colourful rugs. Quirky accessories such as an indoor hammock or vintage film posters are sure to attract younger people.
Luxury add-ons can also send your flat to the top of tenants’ lists, such as a towel warmer in the bathroom or an espresso machine in the kitchen.
Design an HMO for the Tenants You Want
The most important thing to consider when designing an HMO is the tenant. Who is your ideal tenant? How old are they? What do they do in their free time? When you know your ideal tenant, your HMO design will fall into place.
If the demographic of your ideal tenant is quite different from your own, you may want to seek some HMO design advice. Spending a little bit to optimise your HMO design now could save you countless hours of work in the future. And, it will make you more money each month.
Tenants’ tastes are changing, and it’s time for your HMO to adapt. Follow the tips above to improve your HMO and your income.