The rental market here in the UK is constantly evolving, and as a landlord or property manager, it's crucial to understand what tenants are looking for in their dream rental properties. After all, the success of your rental business largely depends on attracting potential tenants and securing leases. So, let's delve into the latest trends in the past 12 months that tenants prioritise.
Affordability that Makes Sense
It's no surprise that affordability tops the list for tenants when it comes to renting. In fact, a staggering 52% of tenants consider rent affordability as the most crucial factor, according to a recent survey by the National Landlords Association.
To appeal to cost-conscious tenants in 2023, highlighting the competitive pricing of your rental properties could increase their likelihood in choosing you. For example, mentioning that your rental rates are competitive compared to the local market, or that you offer affordable monthly rents with no hidden fees could ease any concerns.
Quality and Well-Maintained Properties that Impress
Tenants are increasingly looking for rental properties that are in good condition and well-maintained. A study by SpareRoom found that 50%of tenants in the UK prioritise the overall condition of the property.
Highlighting amenities and on-site facilities can be a simple way to emphasise the quality of your property, and as with many new builds, tenants usually flock to properties containing secure maintained outdoor spaces that suit whatever lifestyle they may have.
Flexibility that Fits their Lifestyle
Flexibility in rental agreements is gaining traction among tenants, with Zoopla reporting that 62% of tenants in the UK prefer short-term or periodic tenancies that fit their changing needs, such as job changes, travel plans, or lifestyle preferences.
While short-term may not have been a landlord’s ideal option12 months ago, this provides a new opportunity to screen and evaluate tenants more frequently, ensuring that the rental property is occupied by responsible and reliable tenants.
Sustainable and Energy-Efficient Homes that Make a Difference
Environmental concerns are becoming more prevalent among tenants. A survey by The Guild of Property Professionals revealed that 71% of tenants are concerned about the environmental impact of their home.
By investing in brownfield developments, you can ensure your property is making a positive impact on the local environment and community at the same time.
Responsive Communication that Builds Trust
Reliable and responsive communication is paramount for tenants. A recent survey by HomeLet found that 75% of tenants in the UK expect their landlords to be responsive to their queries and concerns.
Tenants who feel heard, informed and valued are most likely to renew their leases, recommend your property to others, and provide positive reviews. By maintaining a proactive approach, you will build a positive reputation towards your portfolio.
By understanding and addressing these key rental trends, you can enhance your chances of attracting ideal tenants and building a successful rental business that secures your expected yields for years to come.