Meeting Demands Of Modern Tenants
A lot has changed in the past year, and when it comes to housing, demands have shifted from buyers and tenants.
If you are a landlord, you should be aware tenants are looking for more from a rental property. At The Letting Line, we stay in touch with the latest market trends. We are in a position to help you provide your tenants with the best service, and what they are looking for in rental accommodation.
When a tenant is satisfied, they are more likely to stay in the rental property, and pay their rent on time.
New study shines a light on what tenants need
A study by Ascend Property uncovered the following responses:
83% of respondents said they would pay in rental fees for a property which me their needs
81% of respondents said they don’t think the current rental market stock is capable of meeting needs
What issues do tenants have?
There was a follow-up question which asked why respondents felt this way, and the responses were as follows:
24% of respondents didn’t there was enough garden or outdoor space
A further 20% said the rental property was too small inside the accommodation
19% of respondents complained about a lack of parking
10% of respondents moaned about a lack of natural light
10% of respondents complained about a lack of privacy
What matters to tenants?
While it is important to hear what tenants dislike about rental property, it is also crucial to know what tenants like or what they want to see. The following responses were received:
26% of respondents said the price of the rental property was the most important factor
This was closely followed by the quality of life in a home and area
Location of the rental property was cited by 23% of respondents
20% of respondents said size was vital for finding a good rental property
14% of respondents said the availability of outside space was crucial
A previous study by Ascend suggested:
Build To Rent (BTR) stock had increased by 135% since 2017
This is a clear indicator of the rapid growth of the sector
However, BTR is still new, and only accounts for 1% of rental stock
Therefore, many tenants remain unaware of what BTR is, and how it might be of benefit to them
Ged McPartlin, Managing Director of Ascend Properties, said: “It’s hardly a surprise that so many tenants are still unaware of the build-to-rent sector although we’ve made some considerable headway in just a few short years. What’s also clear is that many renters feel that traditional rental stock simply doesn’t meet their needs and with more of us renting for longer, they want a property that is better suited to the modern-day world.”
If you are looking for guidance or assistance in the Enfield rental market, we can help. At The Letting Line, we are a specialist letting and property management agent serving Enfield, Barnet, Potters Bar, Brookmans Park and surrounding areas.
We can arrange a free valuation for you, and if you are looking to contact us, please call us on 020 8342 1234.