Is It The End Of The Road For HMOs?
All too often, HMOs (Houses of Multiple Occupation) can be dank, dingy, dirty and downright depressing. And many local authorities are now taking steps to limit the creation of new HMOs.
This comes hot on the heels of changes to tax relief for residential landlords which may see some landlords losing money on their property investments.
So is it the end of the road for HMOs?
We suspect the answer is yes for a certain kind of HMO.
Demand is dwindling for 4D HMOs
We predict it’s the beginning of the end for house-shares that are 4D: dank, dirty and downright depressing. And not just because of increased regulation. Demand is dropping – and for good reason. Students – previously the main occupants of HMOs – now have a variety of desirable, affordable choices. From purpose-built to all-en-suite, this primary HMO customer has moved on to be better served elsewhere.
Sadly, in our experience many HMOs fall into the utterly undesirable category. To become a viable proposition once again, HMO Landlords are having to up their game to remain competitive and profitable.
What can I do as an HMO landlord?
Take action! If you’re already seeing demand dropping for your rooms, take action now. Assess your property and look at what you need to change to attract the right people.
Successful HMO Landlords appreciate that results are not simply achieved by charging a competitive rent – they are focusing also on what they need to do to create a home that people will love living in.
Not sure where to start?
Our advice is free, our experience invaluable and we want to help you. We can provide you with step-by-step advice to get your HMO back on track – you can speak with our current Landlords who will give you their view of our results.
If you haven’t yet done so, we’ll help you register with Rent Smart Wales online and as Rent Smart Wales license holders, we take things from there.
Take action now!
1. Review your properties now and plan what you need to do to guarantee your return on investment.
2. See for yourself what other landlords have achieved on our case studies page
3. Call now on 01633 449 200 to find out how we can make your life easier and guarantee your return on investment in 2017 and beyond