
It is known that HMO properties are some of the most rewarding investments on the rental market. The demand for HMO’s in the UK has grown by 25% in the last decade alone, aiding landlords to reach gross rental yields as high as 15%. That said, paying close attention to their HMO interior design is key, especially because of the rise of build-to-rent. Design led living spaces are they key to attracting quality tenants.
HMO especially at the moment with everything else that is going on in the world, really appeals to renters and by focusing on the purpose your property will have to those tenants and by giving them great value for money, will ensure that your HMO will never be short of tenants. This blog will explain the reasons interior design is important to creating a successful investment.
HMO INTERIOR DESIGN HELPS FORM A COMMUNITY
HMO properties naturally bring people together and have the potential to help residents form close knit communities, but there is always room to improve on this through interior design.
Other than halls, most typical student rentals are HMO’s and many students who move away from home for the first time, struggle in unfamiliar surroundings without help from their housemates, and reports say, that student wellbeing is a high priority among educators and housing operators. It is estimated that a third of students are currently experiencing depression or loneliness with relationship difficulties and quality accommodation being two major concerns.
Now think about how you can make a difference with this? The right HMO interior design can help combat a lot of these problems. Communal spaces need to be inviting, open and allow residents to feel at home and more relaxed. This then helps create the perfect opportunity for residents to start bonding and forming friendships.
To ensure residents are comfortable with their surroundings, creative interior design is a must, as this will encourage them to spend more time together in communal areas rather than their individual rooms.
Changing Spaces Interiors have advised over 200 landlords on how to use their space effectively, whether it be a student HMO, a HMO with young professionals, serviced apartment or Apart hotels. Our interior design team have the knowledge and expertise to transform HMOs into social spaces, we specialise in community living.
HOW DOES YOUR HMO APPEAL TO THE TARGET MARKET?
Finding out what the target market expects from premium living quarters is where to start and then HMO interior design should be cantered around that.
HMO’s are usually rented by young professionals or students who want the social interaction a HMO provides but also a private space where they can study or work from and when designing the interior of an individuals room, it is important that this is taken into consideration.
For example; the choice of furniture and décor should reflect what a room is going to be used for. Installing a work desk and suitable shelving as well as decorating the room with bright but tranquil colours, this will help create an environment that will appeal to both parties and anyone that needs some personal space to work.
The communal areas, such as kitchen and living room are the places where you can be a little bolder and instil more character and quirkiness. Vibrant colour schemes, spacious furniture and statement pieces / décor create spaces where tenants can enjoy each others company. The type of interior can have a potential impact to encourage tenants to be bold themselves, opening up a dialogue and helping them form that tight knit community we spoke about before.
TENANTS EXPECT VALUE FOR MONEY
All tenants now expect the property to be completed to a high standard nowadays and this is one to remember in order to make a sizeable return on your investment. If the rooms, décor or furniture for example, do not meet the needs or expectations of what tenants are looking for then you may find it harder to rent the rooms at the rate you would have hoped.
Furniture and furnishings don’t have to be expensive for them to be luxury, and this is a great way to increase your ROI after the initial expenditure. By picking good quality furniture and furnishings gives off that you care about the tenant and this then goes hand in hand with the type of tenant you will attract and potentially how long the tenant will stay, meaning less void periods and potentially higher rents.
Changing Spaces offers a range of furniture packs and different design concepts, bringing a touch of class to your HMO and can be tailored to suit all budgets. Take a look at what we have to offer by clicking the button below
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