What Tenants Really Want From A Rental Property
The growing trend of renting a property is here to stay – bad news for those wanting to get on the property ladder, good news for landlords. During 2017/18, the amount of first time buyers fell again and industry analysts have predicted that the number of households renting privately will reach around one in four by the middle of the next decade.
The largest proportion of people in the sector are aged between 25-34 – this is largely down to financial considerations and the fact that younger people generally have less disposable income. Indications are that rents will continue to rise, especially in areas such as the North West, Yorkshire and London’s commuter belt, where demand for property remains buoyant.
When renting out your property, it’s also helpful to know what tenants actually want. While you may think that they are looking for things like modern interiors and off road parking, the most desired feature is actually outside space, be it a garden, shared space or balcony. These insights are helpful for landlords who are looking to optimise rents and get the right type of tenant into their property.
Property experts Knight Knox recently carried out a tenant survey to gather more information about what tenants are looking for when it comes to rental properties. It found that renting is seen as a long-term living situation for the majority of people questioned and measures put in place to alleviate this situation over the past 12 months seem to have failed.
So what do tenants look for when they’re searching for the perfect rental property? And how can landlords attract the best tenants for their property?
SUMMARY OF THE FINDINGS:
51% of tenants rent because they can’t afford a deposit to purchase a property
The average monthly rent is £652, an increase of £69 since 2016/17
More than a third of renters would have to borrow from parents to afford a deposit on a house
28% of male renters’ salaries are 28% higher than female renters’
The majority of tenants favour outdoor space over modern facilities
18.4% of tenants choose to rent because it suits their lifestyle
35.8% of tenants say affordability is the most important factor when looking for a property
Renters are more concerned with affordability than location
Only 55% of tenants confirmed that their deposit is in a Deposit Protection Scheme
The final point is a worrying one, and something that landlords need to address. By law, landlords are now obliged to put a tenant’s deposit in an approved Deposit Protection Scheme within 30 days of receiving it. If this doesn’t happen you could be liable to pay up to three times the original amount if challenged. Failing to properly protect a deposit is not worth the financial risk for landlords and it’s also not fair on tenants.
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