Due to the inflation of living costs and house prices, the number of people able to get onto the housing ladder has decreased over the generations. Renting has become the only viable option for many to live nowadays, but are letting agents and landlords providing what tenants actually want? Despite trends indicating that the housing market could be slowing, property prices remain high, making renting a practical solution for the majority. With the amount of tenants searching for rental accommodation increasing each year, ensure you gain your share of the rental market by offering what tenants are actually searching for.
A new study commissioned by comparison site, GoCompare, has discovered that 59 per cent of tenants would choose to buy a property, but simply cannot afford to do so. The study found that many of those aged 45 and over had been living at their rental homes for over 10 years, signifying that renting for many is no longer simply a short-term fix. This makes finding the perfect property crucial for potential tenants, with the amount of bedrooms, location, proximity to train stations, bus stops and good schools proving important.
The study analysed the rental properties actually on offer from landlords and letting agents. The survey also asked tenants their opinion on the importance of amenities such as concierge services and cleaning, as well as the priority of the amount of bedrooms and the aesthetics of the location. The survey focused on the requirements of the UK renting population in terms of rental property, and was conducted by questioning 1,000 tenants, with the results displayed using an interactive tool.
The research results were then broken down by age group, providing increased understanding of tenants, their requirements and the renting world. These were compared against advertisements for rental properties on property website, RightMove, using common phrases and words to compare the survey results with what landlords and letting agents are actually providing.
The key findings showed that most tenants, over 60 per cent of those questioned, searched for unfurnished properties. However, only around 14 per cent of landlords offer unfurnished rental properties, with 51 per cent of rental advertisements featuring no description of the furniture. 23 per cent searched for rental accommodation near schools, with 15 per cent of landlords satisfying this requirement.
50 per cent of tenants also explained that the amount of bedrooms within a rental property is very important, whilst 40 per cent believe that being located close to university or their workplace was somewhat important. The research found that more than 58 per cent of rental advertisements describe that the property is located close to work locations or universities, to appeal to potential tenants. Parking space and gardens proved important to tenants, with 22 per cent of respondents saying these were important. 44 per cent of adverts from landlords included gardens, whilst only 11 per cent offered parking spaces.
Only 3 per cent of rental accommodation advertisements offer a cleaning service, despite its popularity, with tenants in Leeds at 30 per cent, and 16 per cent across the UK. Renters in Gloucester had a preference for concierge serviced accommodation at 29 per cent, yet only 7 per cent of advertisements offered this service.
Ensure you are being transparent and fair – start using a property inspection app today to produce professional inventories, check-ins, check outs, interim inspections, building inspections, risk assessments and more with InventoryBase.
Start your free trial here today.