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Changing tenant demands and the future rental market

Rental Market Demands from Online Letting Platform - Make Ur Move

The coronavirus pandemic has changed tenants’ demands not just in the short term but also in the long term.

With lockdown leading to people all across the UK having to adapt, homes were no longer just a place for living. They’ve also become offices, schools and gyms. As a result, many tenants started to reassess their living situations and their top priorities from a rental property. Without the knowledge of these new requirements, landlords may be facing a barrier for reaching new tenants. 

Here we discuss how tenants’ requirements from a rental property have changed since the coronavirus pandemic. We also share some tips on ways landlords can make their homes as attractive as possible to tenants. 

Tenants’ requirements pre-COVID-19 

It may not surprise landlords too much but top of the list for tenants’ requirements from a rental property prior to Covid-19 was internet connectivity, mobile phone reception, and garden and outdoor space. 

However, a space to work from home was named as a tenant’s least important aspect of a property. Only 21% of tenants selected it as a priority. 

Tenants’ requirements post-COVID-19 

Did you know 34% of tenants’ renting requirements have changed since the coronavirus pandemic? Here we look at how the lockdown revealed some new priorities for modern renters. 

Garden and outdoor space 

While garden and outdoor space was named in third place prior to Covid-19, our research revealed it has now moved to top of the list. 

With one in ten Brits having to spend lockdown without an outdoor space, demand for gardens or closeness to a local park or countryside has risen. In fact, when choosing a particular region or area to rent, tenants placed a more urban or rural location in third, after value for money and closeness to work. 

Internet and mobile phone connectivity 

With working from home set to be our new normal, tenants need to ensure their rental homes have fast broadband and a space for a home office to remain productive and lessen the stress. Internet connectivity, mobile phone reception and a space to work were all named, after having a garden and outdoor space, as being more of a focus for tenants when searching for a rental property. 

Tip: When advertising your property, why not let prospective tenants know which internet provider options are available to them? This is a way you can also start to develop a positive tenant relationship too.  

Spacious interiors 

Another aspect of working from home means families and couples are finding themselves working and studying at home. This means they're under one another’s feet for long periods of the day,  without enough space to relax individually or together.

Tip: How can you best use certain spaces within your rental properties? How can you help your future tenants to achieve a positive work/life balance? Invest in the rooms and spaces that tenants will be using most. 

Transport links 

Traditionally, transport links and local amenities such as schools, shops, restaurants would always be near the top of the list for tenants. But the knock-on effect of working from home means these are now seen as non-essential. They were named by tenants in our research as the least important consideration. 

However, despite the move to homeworking, 56% of tenants still named closeness to work high up the list.

Demonstrating value for money 

Our research showed that 81% of tenants placed value for money as the most important consideration when looking for a rental property. 

Tip: Take steps to help demonstrate value for money. This could be by letting your rental property out furnished, having adequate garden space, upgrading the interiors if they haven’t been updated in a while, considering the size of the rooms or fixing built-in appliances. 

In-depth rental market report for landlords   

We know the new-look rental market has changed significantly and may be difficult for landlords to navigate. That’s why we’ve created our ‘Locked down but not out’ report. This can help provide you with a greater understanding into today’s rental market and changing tenant demands. 

Download your copy of the report here: Get Report

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