The UK letting market is a busy sector. More young people are straying away from buying and increasing numbers are instead staying in the rented property market. What do UK’s tenants look for when renting?
The Millennial Renter
Millennials are the dominant demographic in the UK rental market. Rising house prices have meant that many young people – even those with deposits – can’t afford to buy. While it’s clear the high prices are putting off many from buying, many millennials simply not keen on buying.
For millennials, renting has its benefits just as long as they find the perfect home and landlord.
Using Digital Solutions to Find the Perfect Home
One of the major traits of UK tenants today is their digital astuteness. Tenants are using technology to search for a new home, and they prefer using digital solutions when dealing with contracts and communication, driven by their understanding that this can be cheaper.
Technology is not just important in terms of how tenants search for properties. Research by Shelter and B&Q showed that having a functioning TV signal and internet is crucial and the highest priority when UK tenants are looking to move to new accommodation.
Price Matters Most
While technology is important, it still shouldn’t come as a surprise that the majority of UK renters care mostly about the price. In an AXA survey, over 40% of respondents said price is the most influencing factor when choosing which property to rent. If the price is right, tenants are all about location. Size and the number of bedrooms came third, but it was clearly behind the two important factors.
UK tenants are also concerned about security. They want properties where they feel safe, and where landlords won’t need to do magic tricks to provide them with this feeling of security. The AXA report found things like better quality windows and doors, burglar alarms, and better locks can help tenants feel safe.
Eco-Conscious and Animal Loving
In addition to the above, the millennial renter is typically highly involved with the world around them, especially in terms of climate change. They are interested in eco-solutions and prefer landlords to opt for green energy and other eco-friendly solutions.
Since many are now renting long-term and later into life, outdoor living spaces like gardens are important. The millennial renter might not be after their own private space, as communal gardens can be enough to give them a fix of fresh air.
According to Statista, the UK’s pet population is on the decline, but there are still around 51 million pets across the country. Since renting is the choice of the millennial, the ability to rent with pets is close to their heart.
Clear Contracts with Transparent Communication
Tenants and landlords both want things to run smoothly. For many, the key to a good rental relationship is to have a clear contract outlining the different responsibilities and rules. By sorting these things out from the outset, tenants will feel safer and happier, which results in a happier tenant-landlord relationship.
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