Affordability was named as the most important factor in a
rental property by private tenants of all ages, according to a survey of more
than 2,000 UK renters.
Almost two thirds of those who responded to the study said
that affordability was their main concern when looking for a home, compared to
location or space in the property.
Intus Lettings, which conducted the research, aims to
present a clear picture for landlords of which characteristics could make a
property stand out to prospective tenants.
Young tenants, in particular, are more than four times as
likely to prioritise finding a cheap rental home, than one with access to
nightlife, shops and restaurants.
Positively for these tenants, new Government research has
found that the proportion of private renters’ income
spent on rent has dropped over the past decade.
Just 8% of tenants prioritised nearby amenities, bars and restaurants, or public transport links as a driving force behind their decision on a tenancy, compared to more than 40% naming low costs as the most important factor.
In terms of the individual features of a home, the most
common characteristic that tenants look for is outdoor space, with almost half
(46%) identifying a garden, terrace or balcony as the feature that they would
most desire in a property.
Meanwhile, over 40% of tenants would be put off a property
without a parking space, while nearly a quarter (24%) were deterred by dated
Hope McKendrick, the Lettings Manager at Intus Lettings, says: “Our figures seem to
suggest that renters first and foremost seek practicality over certain features
which have traditionally been seen as desirable – especially to younger tenants
– such as nearby shops and restaurants or a vibrant nightlife.
high rental costs across the UK, many young renters may be forced to prioritise
a property which works around their budget and daily routine, as tenants flock
to homes which provide ample parking or easy access to city centre jobs or
“We’re seeing a clear trend towards a generation of practical renters – those
looking for a convenient, modern-feeling home, rather than exciting but
potentially costly surroundings.”
bear this information in mind when marketing your properties!