Why are residents leaving?

So the title might be a bit misleading. We're seeing great numbers in new properties let and tenancies renewed as of late. For example, we know that 86% of our tenancies ending in August will renew (we work 3 months in advance)! Rightmove has also confirmed that we've ranked 1st out of 131 offices for properties let in NW6 and NW2 in the last 3 months. 

 
Spencer, our Director of Lettings, had this to say: 

"This is impressive, confirming our approach is working. The percentage of residents renewing in recent months is extremely high, highlighting consumer confidence returning and most importantly our levels of customer service are such that residents want to stay."

Spencer is referring to our approach that focuses on the quality of our product - our properties - and more specific matching of properties and residents. It involves knowing what our residents want ahead of time, and delivering a property that is looking it's best. A key element of of our approach also involves reconnecting owners with their properties. You can watch a video of Spencer talking more about it here. 

 

For those residents who aren't renewing, we wanted to know - why? What are the main reasons people are leaving their properties today? (And can we do something to change their minds?) So I asked Hannah on our Renewals team about it.

Hannah says "I would probably say the most common reason for residents giving notice lately is upsizing. It tends to be mostly couples and single people in 1 or 2 beds that have been saying they need more space. I've also noticed that many of those who give notice seem to be relocating just outside of London as they can work from home and don’t have to travel into the office as much. Some have even moved further out of London altogether."

Purchasing a property, in many cases motivated by the stamp duty holiday, is the third main reason why we're seeing residents give notice.
Hannah says, "At this moment in time, there is a huge demand for properties with outdoor space - gardens, balcony, access to a shared garden, local parks etc - and an additional room or space for an at-home-office. I've actually found that quite a few of our residents and owners are having the conversation between themselves about residents purchasing the properties from the owner. I do think that this stamp duty holiday has given a window for residents."

We wish we could wave our magic wand and add another room or two to our properties, but for now we'll keep doing our best with what we have!