As the private rental market has become an increasingly popular, proportionally larger and consequently essential component of the wider housing market, it is vital that we find out what is driving tenant choices and their decision making processes. To address this, Carter Jonas again polled our large database of tenants to investigate their thoughts, opinions and ideas on various aspects of the rental market and its processes. After collecting nearly 400 responses we collated the results and we have tried to present the findings in our latest Tenant Survey report.
This report provides some insight into what it is that prospective tenants want and need from a rental property and how they can be attracted and retained. The future of the private rented sector is one of growth, but understanding what motivates the requirements of tenants and how they would like to see the nature of rental properties change in the future, is vital.
Some key themes drawn out of the responses include:-
• Young people dominate the city rental market;
• Responding quickly to tenant issues remains the most important service aspect for renters;
• Newly refurbished kitchens and bathrooms can give rise to good returns for landlords;
• Affordability, security, flexibility of tenure and assurance about the landlord are important elements in making the future of renting more attractive to tenants.
Over 4 million households in the UK are now privately renting. It is a sector which is expected to continue to grow even more so over the coming decade. Understanding who these renters are, what they want from the sector, and how it can be made better should be actively investigated and encouraged.