As experienced lettings specialists operating in the market over the past twenty plus years we have seen lots of changes in tenants expectations, wants and needs when seeking rental homes.
If you are looking to purchase a new property for investment, are seeking to let your current home for any reason or currently have rental properties it is worth considering the following trends in tenants requirements to ensure you maximise the potential of your property.
Obviously current and proposed legislation places requirements on landlords to maintain certain standards, however, in today’s market, where tenants may well be renting for longer periods and paying premium rents, top quality tenants are seeking more than just a safe and comfortable place to live. They are looking for homes in convenient locations that align with their lifestyles.
In this blog post we will discuss what tenants are looking for in potential rental homes in the market of the 2020’s.
Location, Location, Location
The location of a rental property is often the primary consideration in tenants decision making process. Properties situated near good public transportation links, high OFSTED rated schools, parks, shopping facilities and other essential amenities are highly desirable.
With the new lifestyle approach, working from home and mental health and wellbeing being top considerations in current times proximity to workspaces, entertainment and leisure activities is also a significant decision making factor for modern tenants.
Space and Layout
Tenants are now looking more toward acquiring spaces with well designed layouts that maximise space and functionality. Open concept living spaces that allow for entertaining or for interacting as a family more fluidly are a preference alongside ample well designed and appointed functional storage. Well proportioned bedrooms are also high on tenants ‘must have’ list as well as spaces to work from home.
Floorplans or, more recently, ‘Dolls House’ Virtual Tours (like those we use) can really help tenants visualise the spaces on offer.
Modern Kitchens and Bathrooms
Kitchens and bathrooms have always been a key focal point for tenants, functionality of the spaces are of a primary concern, such as the supply of a shower for young professionals looking to get ready for work quickly of a morning or a bath in the case of families with younger children and space in the kitchen for dining where parents prefer to be able to supervise their children’s meals or all enjoy family time together and young professionals wish to entertain friends.
Contemporary fixtures and fittings and stylish and functional design elements all influence a tenants decision making when choosing a suitable rental property and newly built or refurbished properties do command more interest and demand.
Décor and Flooring
Gone are the days of the magnolia walls and brown gala cord carpeting. Trends are moving more towards a fresh and clean white canvas which provides a light, bright and modern space allowing the tenants to add personality and colour to their homes via soft furnishings and accessories. This is also a practical solution for landlords and tenants alike allowing for easy, cost efficient, touch ups at the point of remarketing and reletting.
Hard flooring, particularly hard-wearing flooring like Amtico, in a wood or tile finish is preferred in most high traffic areas for an easy, low maintenance and practical long-term solution. Whereas cosy wool twist carpets in bedrooms give more of a warm and sumptuous feel and remain a good, easy clean, solution.
Technology and Connectivity
In the digital age where more and more people are working, at least part of the week, from home tenants value properties with reliable internet connectivity options, such as super fast fibre broadband, and good mobile reception. Offering features like smart home technology to control heating, USB charging outlets and pre-wired internet connections can make your property even more appealing.
Access to outdoor space such as balconies, terraces, communal gardens, private gardens and the like is highly sought after by modern tenants with a trend in outdoor entertaining being seen across social media.
Pet Friendly Homes
We know this is a contentious issue. Pet ownership is on the rise and many tenants are searching for pet-friendly rental homes given the benefits of emotional support pets have received greater recognition over the last few years. This is where those hard flooring solutions we talked about earlier really come into their own as they minimise potential liabilities by providing hardwearing easy clean solutions. Where you will consider allowing pets, with an appropriate pet policy and related checks and insurance in place, you will attract a broader range of potential tenants.
Safety and Security Features
The increase in popularity of CCTV doorbells shows we have seen a rise in peoples considerations around safety and security. Properties with well-lit exteriors and the option for CCTV solutions, such as doorbells, offer tenants, particularly those living alone, greater peace of mind.
Energy Efficiency Measures
With the rise in the cost of living and the promotion of environmentally-conscious living solutions tenants appreciate energy-efficient measures in properties such as UPVC double glazing, good loft and wall insulation, LED lighting and smart meters and we are now seeing the installation of electric charging points requested more and more regularly for the provision of electric vehicles.
Maintaining high property standards and understanding what modern tenants look for are vital for successful letting. By ensuring your property meets safety regulations, is well-maintained, and offers amenities and features that align with tenants’ preferences, you can attract and retain excellent tenants. Embrace the evolving needs of the rental market, and you’ll position yourself as a landlord who provides exceptional rental experiences, leading to long-term success in the lettings industry.