What do tenants want?
There are now over four million people renting privately in England alone and we expect this to rise by over 40% to 5.7m by 2018. So, in Spring this year our Residential Research department worked closely with YouGov to better understand why tenants rent and what they want from landlords and agents.
The research confirms our understanding that renting is not something people do just because they have to, for many in today’s society, it’s their preferred choice. And for that reason, tenants demand high-quality accommodation.
Whatever type of property you are currently letting, here is a summary of the top three things which influenced tenants’ property choice:-
Tenants want a 30 minute or less commute
Just over half of the tenants interviewed said they liked to be near to work or university.
In London, 60% lived within a 30 minute work commute, although the higher the income, the closer they expected to be. Outside of London, 30% of people tended to limit themselves to a 30 minute commute.
Although there has been much media discussion over the need for longer tenancies we found that whilst this was correct for those over 35 years, younger tenants, especially under 24, preferred the existing six to twelve month agreements.
How much will they spend?
From an affordability perspective, we found tenants spent 26-27% of their gross income on rent. Outside of London this may mean renting a house or flat, but for many in London this is likely to mean more tenants sharing to keep rents within their budget.
To know exactly what tenants want and how they choose a home to rent, download our in depth research from our Residential Research Team.