Property investment is a continuously changing landscape. There are so many moving parts that impact future decisions. It’s important to be prepared and nail down the foundations early.
While understanding the business side of things is important, it is crucial to understand what tenants want. What are tenants looking for in a rental property? What should landlords be looking for?
Understanding what tenants are looking for will boost tenant demand for your property and ensure your property isn’t vulnerable to void periods, which can be particularly damaging for you and your lettings portfolio.
So, what do tenants want in 2022?
The "race for space" in the rental market continues, with tenants in search of properties with more bedrooms, bigger gardens, and driveways.
The pandemic has caused many people to spend more time at home than ever before. This has shifted homebuying priorities, and an increase in remote working has increased the need for home offices and more living space.
An astonishing 50%* of people surveyed in the UK said that they would move to a larger home if given the opportunity, according to data from rental app Movebubble meaning that tenants are more likely to look for somewhere with more space.
The need for outdoor space has increased since the first lockdown in 2020. People were forced to be indoors during one of the hottest summers on record. This created more of a need to have a more liveable outdoor space for tenants.
Movebubble says that rental properties with these additional areas are in higher demand, with the number of searches for properties with terraces up by 204%*. Even though lockdowns appear to be a distant memory, we’re still spending a lot of time at home, especially those working from home.
Location, as every tenant will know, is one of the most important features of a property. It’s something that can’t be changed, like the house itself, and it can improve the quality of the home dramatically. Despite the increase in remote working, many employees are returning to the office, emphasising the importance of transport links, as renters seek the best of both worlds: calm, suburban living within transport distance of the city centre.
Looking to let out a property? Contact our expert agents for more information.
*According to data from rental app Movebubble