This year has seen some changes, some more surprising than others in our Paramount Tenant Survey. What are our top 5 take away pieces from this information?
1) Whilst not being able to afford the hefty deposits to buy is still a large factor in renting, just as many people are renting through choice. What this means is they have requirements, wants and needs that they are looking to be met as a service based industry - not renting because they have no other options. The transient nature of the industry is appealing to some, and as such we need to make sure all the properties we offer are going to attract those who are carefully selecting which property to rent as an active choice.
2) Price is not the most important factor to a tenant. Whilst important, of course, it's actually location which determines in the main where tenants want to live. Now of course, this isn't something you can change! But what we can do is look at the tenants most likely to reside in a certain area, and ensure our properties are suitable for these lifestyles.
3) Nearly all tenants expect maintenance issues dealt with either the next working day, or within that working week. If you are managing a property yourself - do you have the resources to be able to meet this expectation?
4) Allowing slightly more flexibility in personalising a property could be the key to longer tenancies. We aren't suggesting we agree to the tenants who want to redecorate the front room purple - but if we can offer them work carried out by professional tradespeople, or give them more choice when it comes to replacing furniture items or have an input in the decor then this could lead to longer tenancies. Likewise, being slightly more lenient on letting tenants put up pictures, or hang artwork - if we think about the small maintenance invoice it might cost at the end to correct vs. keeping a longer term tenant, then really this is a no brainer.
5) Over three quarters of our tenants would prefer if a property was managed by an agent, over an individual landlord. We find that managed tenancies are on average longer than those managed by landlords - that isn't to say you are doing a poor job, but many tenants take comfort in the structured more formal approach. And hey, it takes a weight off of your shoulders! If you would like to discuss management, then please don't hestiate to get in touch with our team who can talk you through some great incentives for new managed landlords we are offering at the moment.
Top Tips for Attracting High-Quality Tenants in West Hampstead.
Published on:
23 Apr 2024.
Article preview:Proactively refurbishing and modernising your rental properties, you can realise many benefits that will attract premium residents and add long-term value to your investment. Here are seven ways why and how astute property upgrades benefit forward-thinking owners.
