Tenant Trends: How to Meet the Demands of Renters Today
Whether you’re a first-time investor or an experienced landlord looking to expand your portfolio, it pays to know what tenants want.
Understanding current trends in the market will help you fine-tune your rental marketing strategy and ensure that any improvement work you undertake proves to be of good value.
So, what are tenants looking for in 2024? Let’s take a look.
Affordability
Given we’re in a cost-of-living crisis, it’s not surprising that affordability is the top concern for tenants.
With the average UK monthly rent now sitting at £1,348*, more tenants are renting with others or moving into smaller properties to ease the financial burden.
When it comes to setting rents, landlords must balance their own costs in the face of higher interest rates and inflation with the need to remain competitive in the local market. (Get in touch if you’d like advice about rent-setting or more information about rents in AREA.)
Good location
A recent study** found that proximity to public transport and amenities was the second most important factor for tenants.
Interestingly, tenants also noted the importance of the safety of the surrounding area when choosing a rental, perhaps reflecting concerns about crime and anti-social behaviour.
Outdoor space
Access to outdoor space really came to the fore during the pandemic – and is still a significant drawcard for tenants today. Even now, in these post-Covid years, gardens are popular with renters, especially those with children or pets.
Access to parking
The study found that 12% of tenants wanted access to a parking space, a trend perhaps associated with the growing popularity of electric cars and the need to charge them.
Workspace and wi-fi
While many people have returned to the office post-pandemic, others have settled into a hybrid working pattern where they work from home at least some of the time. Hence, many tenants place importance on home-working space (which didn’t even exist as a concept ten years ago).
While good wi-fi is obviously important for homeworkers, even those who don’t work from home value reliable internet access. The popularity of gaming and streaming means that superfast broadband is important to most renters.
If you’d like to learn more about our property management services, contact us here at Grey & Co today.
* Source: Hamptons
** Source: CBRE