Last week a survey by property company YieldIt revealed that outdoor space tops the wishlist for tenants when looking for a rental property in the UK. So what is the top priority for tenants right now?
According to the survey, reported in Property Wire almost half of tenants would like a garden, terrace or balcony area in their new home, with only 11% stating that they would be willing to make do with a communal outdoor space.
Other desirable factors ranking highly on the list are parking (34%) and a modern interior (27%). Many people also want an energy efficient home and high-speed broadband availability.
Head of sales at YieldIt, Ryan Hughes commented on the results:
“Unsurprisingly, factors like affordability and location remain the key drivers for someone choosing a property, but features are becoming increasingly important to tenants. As the quality of rental properties coming to market improves, renters are becoming more discerning.
Luxuries like integrated smart technology and amenities such as concierge and on-site gyms are becoming more commonplace and expectations are rising. If landlords want to achieve high yields, they need to sit up and take notice of what tenants want – it’s that simple.”
Despite the priority for tenants, some people are having to make do. Market factors mean that there has been a recent decrease in the amount of landlords in the UK and last year there were 8% fewer than in 2017 when the amount of landlords peaked. Government measures including the reduction in mortgage tax relief, and the 3% stamp duty surcharge on buy-to-let properties have driven some out of the market. The Residents Landlord Association is now demanding that the new chancellor takes action in his first budget to address the decline in rental housing, so we could see figures increase again soon, depending on what action is taken.
If you’re looking to invest in a buy to let property in Dorset where you have more chance of finding something with a garden, it is good to have this list of factors helping you make your choice – and if you –or your tenants – need help with removals or storage, get in touch for a friendly, no-obligation quote.