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The most successful landlords are those that put their tenants first and care for their needs, but it’s not always easy to know what today’s renters really want.
Getting good tenants is a top priority for most landlords, so making your rental property attractive to the widest range of people is probably the best place to start. It goes without saying that a property in a great location, in a good state of repair and at a competitive price will be more popular, but there are many other factors that can influence success.
Interestingly, a property that allowed pet is one of the most important factors for tenants, particularly during the pandemic. A study shows that in the light of the pandemic it was an increase of people buying a pet. A recent study shows that14% of tenants said this would be their most important requirement – but when delving deeper, this very much depends on the location of the property.
Whether to allow pets in a rental property is a very personal choice for a landlord, who must weigh up the potential cons of an increased risk of pet-related damage, for example, with the benefit of attracting a wider range of tenants. If you are letting out a city centre apartment, though, there could be a clause in the building’s rules that forbids pets, and it might be less likely that renters living in this location would have an animal.
Almost three quarters of the 2000 tenants that one of the leading agents surveyed (71%) say they are happy with their rented home. Good news for landlords then. And they can also take heart from the t fact that being happy with their tenancy means renters are now looking for longer leases. Nearly 40% of tenants told they prefer leases of at least 18 months and more than a third are looking for a lease of three years or more.
Nearly 40% of tenants told that they prefer leases of at least 18 months and more than a third are looking for a lease of three years or more.
Fewer voids means lower costs for landlords so lease length is clearly a topic worth discussing with potential tenants.
Outdoor space has become more important since the start of the pandemic to more than half (58%) of the tenants polled based on a recent study. Most tenants are working from Home and with the lockdown measures we are seeing properties with outside space are more popular with tenants.
While it may not be possible (or affordable) to invest in a rental property with a garden – and this may also depend on its location – if families are your target tenant then this might be worth considering. Around 15% of parents listed gardens as a desirable quality, compared to 7% of non-parents.
If having a private garden is not an option, offering a rental property close to green space or with some communal outside space might still see a higher demand than one that doesn’t have any – although for young professionals looking for a city centre flat, this may be an additional luxury rather than a priority.
With so many of us spending so much more time at home this year, rapid and reliable broadband is top of the wish list.