What is it that London tenants want?
Maryanne Bowring 15/12/2020
1253
What do London tenants want?
If you’re a landlord looking to attract new tenants, it helps to know what they’re looking for. The findings of a new survey could help.
Last month, London property agent Kinleigh Folkard & Hayward polled 2,000 tenants across its 60 London branches. What the London Tenant Barometer 2020 reveals gives an interesting insight into the wants and needs of people renting in the capital.
The KFH survey reveals that:
- For 66% of tenants affordability is the most important issue when they are looking for a property
- Security of tenure is important to 82% of renters
- Outdoor space has become more important since the start of the pandemic to more than half (58%) of the tenants polled; and
- Almost three quarters of the tenants that KFH surveyed (71%) say they are happy with their rented home.
Good news for landlords then. And they can also take heart from the fact that being happy with their tenancy means renters are now looking for longer leases. Nearly 40% of tenants told KFH they prefer leases of at least 18 months and more than a third are looking for a lease of three years or more. Fewer voids means lower costs for landlords so lease length is clearly a topic worth discussing with potential tenants.
With so many of us spending so much more time at home this year, rapid and reliable broadband is top of the wish list for 48% of tenants, while a dedicated space to work is important for 44% of the renters that KFH spoke to. Unsurprisingly, after years of taking commuting for granted as one of the downsides of London life, more than half of renters (51%) are also rethinking their journey times.
This means that more than 40% of tenants living in Zones 1 and 2 would consider moving to Zone 3, while 46% of tenants in Zone 3 would consider going as far out of town as Zone 6 or beyond.
If you’re looking for new tenants, why not take a look at our automated lettings platform PlanetRent? We have partnered with Rightmove and Zoopla so that anyone using PlanetRent can market their property to thousands of potential tenants quickly and easily – and more important, listings are free! It’s pay-as-you-go so there’s no subscription to worry about. A few clicks are all that’s needed, so get online and start your lettings journey with us today.
Planetrent Properties
info@planetrent.co.uk
0208 0599 550 (for sales)
Under Offer: This term applies to a property where the landlord is considering an offer but remains on the market. It implies that further offers may still be considered until the landlord formally accepts or declines the current offer.
Let Agreed: This term indicates that a landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It doesn't require the prospective tenant to have paid a holding deposit.
Let: This term signifies an established binding rental agreement between the landlord and tenant.
For both lettings and sales, the guidance addresses additional terms:
New On The Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.
New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.
Reduced: This term indicates that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices.