We've worked with The Property Academy for several years now; The Property Academy are an events company completely tailored towards elevating estate agency.
They also carry out the most extensive independent renter surveys. This year, over 6,000 UK renters took part, giving us, and now you, a remarkable insight into the world of residential renting.
What do renters want from their rental experience? What are their top priorities?
What are renters willing to pay more for? Where are the opportunities for owners to increase their net position?
What are renters looking for in the current market? What would persuade them to rent for longer?
The results are in, and the opportunities have arrived, let's get into it!
Energy Efficient Homes
This comes as no surprise as renters continue trying to avoid the hard-hitting utility prices. While Rishi Sunak may have put the 2025 Energy Efficiency deadline on the back burner, as a UK landlord, you definitely shouldn't.
In fact, if you consider your rental property as a long-term investment, working towards a more energy-efficient property right now is the best financial decision you can make.
In one of our recent blogs, we sat down with EPC Assessor Andrew and looked into why energy-efficient homes attract quality residents, lessen void periods, and how they can have a significant money-saving benefit for owners.
For an expert's eye into why energy-efficient homes matter now more than ever, read our latest blog.
Working from Home Hub
What started as a mid-pandemic adjustment has fast become a modern-day deal breaker for our UK renters. By addressing the evolving needs of renters, you'll stand out in the current market and offer an environment that will encourage them to stay longer.
It's simple: the more convenient and comfortable the space is, the longer they'll stay.
Three ways you can incorporate working from home spaces in your rental investment:
Lighting
A well-lit workspace can boost productivity and overall well-being.
Plug Sockets
Two double plug sockets with USB C ports, allowing residents to power all their essential devices without hassle
Data Points
A must-have for stable and speedy internet connections, ensuring uninterrupted work or study.
Arranging Utilities
Ah, the dreaded task of having to swap over utilities, something we here at Paramount have already found a solution for.
If you're already an owner with us, you're probably familiar with Muuvo.
For those of you who aren't , we've invested in Muuvo, a platform totally dedicated to making utility switches as streamlined, stress-free and cost-saving as possible for our residents.
And for our owners, it offers an automated service that removes the friction of having to switch utilities over during void periods - it's a win-win for all involved!
To find out more about Muuvo, check them out here.
Question asked: Which three facilities would you pick for an additional £60 increase in rent a month?
While some features on this list are out of your control (playground, communal outside space, parking, etc.), there are some property features well worth considering to enhance the quality of living and, in turn, attract higher-paying residents.
Sound Proofing
First things first, sound-proofing. Living in London comes with its benefits, but it also comes with a lot of noise pollution, so it's no surprise city renters prioritise a sanctuary away from the hustle and bustle.
Investing in double-glazing can be a pricey task, but the benefits are well worth it; improving energy efficiency, condensation control and reducing noise pollution are some of the many advantages that double-glazing brings.
But for the full scope of why rental owners should invest in double-glazed windows, read our recent blog here.
Pet-Friendly Homes
Pet-friendly is a term that always appears on Rightmove's most popular search terms, and the demand is increasing more and more each year.
With the renter's reform bill set to prohibit owners from exercising a blanket ban on pets, staying ahead of the curve by considering furry friends could be the right move for various reasons.
Longer tenancy lengths
A pet is often a huge milestone in a person's life, and it's fair to say they are well-loved companions. You'll accommodate residents for a longer period of time if your home is pet-friendly, and because of the hassle of attempting to find a pet-friendly home, residents are far less likely to move.
DINK (double income, no kids)
We explored this resident profile in our recent blog, about understanding resident profiles. Essentially, a couple with a double income and no children has the extra income to pay more of a premium than other resident profiles, but although children have not made an appearance yet, pets might of.
You'll often attract residents willing to pay a premium if you allow pets.
Adequate Storage
The increase in rental prices, cost of living and working from home means that people spend much more time inside than ever before.
Simply put, people need space; if they have it, they'll stay much longer. Optimising storage is an easy way to create an environment that residents will want to stay in, and it doesn't have to be expensive.
Read our top budget-friendly storage solutions for your rental investment.
So there you have it - valuable insight into the modern-day renter is crucial for owners who want to ensure they're getting maximum return on their investment, and the results explored in this blog is a small part of how you can achieve it.
It's worth mentioning that owners willing to stay ahead of the curve and invest in their products do far better in achieving top results both on the market and throughout tenancies - start investing now for a financially rewarding future!
For more information on any of the points listed above, contact our lettings team today.
