Tenant Demands in 2020.
With the new normal in daily life and the property sector back in full swing we can start to see some trends in the letting industry. From January to June 2020 Letting Cloud surveyed over 500 tenants asking them to rank their top five rental property features on their importance.
The results were different to what we at Letting Cloud had predicted. The top five are:
- Broadband Speed: Pre lock-down ‘fast broadband’ was number two on the list. As lock-down was enforced and working from home was increased, kids gamed a lot more and people used social media and streaming services, broadband speed pipped the number one spot on our survey results.
- Transport links and local amenities: Our survey found that the daily tasks of work, small shopping and going for a bus, tram or train is number two in our results. The average person is willing to walk 25 minutes to work, 15 minutes to do a food shop and they look for shopping centres within a 30 minute drive from their property. We also saw that people look to be in and around an 8 mile radius from the local hospital.
- Local Universities/Schools/Colleges/Nurseries: This was number one pre lock-down but has dropped down two places since. This is very interesting to see it drop down two places, this may be because from current affairs. The results show that people will search local schools from their potential rental property alongside the rental and living costs. For students rental costs, and a 20 minute walk from the education establishment is something key when they search for accommodation.
- Local Green space/Gyms/Social Space: Our results returned were from an array of different tenants. It has shown in the results as the outcome we predicted was different to the outcome returned. With the current working from home situation, people are looking for garden space to work from or break out to. We also seen in comments returned that people will break out to their local park or green space to get away from the home office. Results show that people are willing to drive around 15 minutes to a local gym or fitness centre and look to have a cinema within 10 miles from their rental property.
- Furnished Property: With people moving more frequent, jobs less stable and areas growing in trend and population, our survey showed us that tenants look for furnished property first than unfurnished. This boils down to a few factors from various comments. If a tenant is moving into a property from education or flying the homely nest they are more likely to take a furnished before an unfurnished property. The age demographic shows tenants aged between 22 and 31 fall into the furnished category. Tenants aged between 32 and 46 come from slightly different circumstances and sometimes have their own furnishings for a future property.