1st Oct 2019|News|Lettings|

Revealed – what tenants want from rental properties

When letting your property, it can be beneficial to stay up to date with the latest market trends and have an idea of what features are popular with tenants.

If your property is empty and you’re looking for new occupants, it becomes even more important as you’ll need to consider which features to promote in your marketing campaign and what to point out to prospective renters during viewings.

Providing a property which fits the needs of the typical tenant can help you to keep void periods to a minimum. That’s because you’ll benefit from higher demand from tenants, allowing you to let your property quickly at a competitive market rate.

What’s more, if your property provides tenants with access to the attributes they desire, they’re less likely to see it as temporary accommodation and more likely to stay for the long-term, treating the property as their home.

This scenario will be of interest to all landlords – so just what are renters looking for? A recent survey of 2,000 tenants carried out by Landbay sought to find out…

Most popular rental property features revealed

A pet-friendly home is the most desirable attribute in a rental property, according to the research, with one-in-seven respondents rating ‘pets being allowed in the property’ as their most important requirement.

The second most popular feature is a home that is unfurnished, cited by 12% of respondents and particularly popular among the over-55s.

While clearly popular with tenants, both of these features need to be considered carefully by landlords.

Allowing pets in your property will widen your pool of prospective tenants and could encourage them to stay for longer and treat your property as their home.

However, the risk of damage is heightened so there are certain measures you’ll need to take, including taking out the relevant insurance.

Previously, landlords who accepted pets charged higher deposits but that is no longer possible due to the Tenant Fees Act introduced in June, which capped security deposits at either five or six weeks’ rent. Therefore, many landlords who accept pets may now charge a higher level of rent from the outset in order to provide themselves with adequate protection. When it comes to unfurnished properties, they are popular with tenants who want to put their own stamp on a property and have lots of their own furniture already.

Although the property will be empty, you’ll still be expected to provide white goods such as an oven, fridge and washing machine.

Compared to their furnished counterparts, unfurnished rentals tend to attract lower rents. However, they will cost less to prepare for rental and may be quicker to occupy.

What else are tenants looking for?

Having a garden, off-street parking and the quality of décor make up the top five most popular rental property attributes.

When promoting your property, any garden space you have should feature prominently in your marketing strategy – particularly if you’re looking to let to families.

You’ll also need to make sure your outdoor space is looking its best before you take your property to market, especially in the spring and summer months.

Off-street parking is likely to be even more sought-after in central areas of Birmingham and Nottingham, where on-street parking can be limited or costly due to permits.

Meanwhile, the quality of décor will be important to most tenants, particularly older renters and young professionals. Over the last few years, as renting has become more popular, average rental property standards have improved significantly.

This means tenants’ expectations are higher so landlords need to make sure they are providing a high-quality property if they want to stand out in a competitive market.

What attributes are not so hot with tenants?

Having access to a tumble dryer, dishwasher and king-sized bed are three of the least important rental property attributes, according to the research.

On top of this, new build properties and balconies are also relatively unpopular with the tenants surveyed.

Tying in with the desire for unfurnished properties, this shows that many modern tenants are perhaps not particularly bothered about having a full range of appliances in a new property.

Instead, the research would seem to suggest that renters are perhaps more interested in the space they are renting and how they can turn it into somewhere that feels like a home.

Of course, it may not be possible to provide all of the popular features listed above, but it’s important to be aware of what’s currently popular with renters.

A reputable letting agency can advise you on market trends and what measures you need in place for a successful and hassle-free tenancy.

If you’re looking to let a property in Birmingham, Solihull, Warwickshire or Nottingham, here at Centrick we can help you to get the most of your investment and keep void periods to a minimum.

To find out more about how we can help you, or for any advice on the Midlands property market, get in touch with us today. You can also request a free, instant online valuation to see how much your property could be worth on the current market.