A recent report by the Social Market Foundation (SMF) has revealed tenants’ top priorities when choosing a home.* The results may help landlords make the most out of their properties while providing a valuable service for the wider community.
While the private rental sector faces huge demand, landlords who listen to their renters’ needs are more likely to attract long-term, conscientious tenants desiring a secure home.**
So, what steps should landlords take next?
Pitch the price just right
After financial pressure brought about by COVID-19 and the cost of living crisis, it’s not surprising that 55% of tenants consider price above all else. However, many renters (35%) also prioritise bigger properties, so where is the sweet spot?
Understanding regional dynamics can allow landlords to balance the property’s worth with affordability considerations. For example, some tourist-heavy counties have a disparity between house prices and local wages as homes are snapped up for the holiday market. Rents based purely on the property’s sale value may exclude local families in these areas.
A lettings valuation will give you a clear baseline to adjust accordingly, depending on your circumstances and long-term financial goals – and the type of tenant you’d prefer.
Consider allowing pets
According to the SMF survey, 18% of tenants seek rentals that welcome animal companions. Compare this to the mere 7% of landlords who actively market their homes as pet-friendly.
If you’re preparing a new rental property, perhaps think of ways to make it more suitable for pets, such as choosing wooden or tiled floors over carpets, or securing the garden.
Provide value for money
Everyone loves a good deal – including renters. Although many tenants have a tight budget, plenty will pay more for high-quality interiors and decent gardens. In fact, the latter was cited as a top priority, especially for those looking to create a long-term home.
Choose a property near amenities
If you’re planning to invest in a buy-to-let property, it’s worth knowing that 38% of renters wish to live near their workplace. Public transport facilities and access to shops also factor in for 37% and 36% of tenants, respectively. Therefore, it’s worth searching for opportunities that tick these boxes.
Want to learn more? Contact us to discuss how to boost your property’s rental potential and book a lettings valuation.
*Social Market Foundation
**Paragon Bank