With more and more people choosing to rent for longer rather than buy a property of their own, the type of property features tenants go for is beginning to shift.
New research by Go Compare has uncovered what appeals to generation rent when they’re looking for a property, how it compares to what landlords are currently offering, and where you can take advantage of the gaps.
One of the biggest differences between what tenants want and what landlords are offering is furnishings.
60 per cent of tenants said that they want unfurnished properties, while only 14 per cent of landlords describe their properties as unfurnished.
This isn’t to say that landlords aren’t offering unfurnished properties – over half of all advertisements don’t actually state whether the property comes furnished or unfurnished.
At the other end of the scale, 58 per cent of landlords advertise when their properties are close to a university or work location, but only a quarter of tenants indicated that this would be a deciding factor when looking for somewhere to rent.
Landlords also tend to advertise the aesthetics of the area where their property is located, but only 17 per cent of tenants say that’s important to them.
The table below shows the percentages of what’s important to tenants, what landlords offer, and what the difference is.
Property Features | What Tenants Want | What Landlords Offer | Difference |
---|---|---|---|
Unfurnished | 60.29% | 14.29% | 46.00% |
Distance to schools | 23.16% | 15.33% | 7.83% |
Parking space | 22.72% | 11.00% | 11.72% |
Garden or roof terrace | 22.64% | 44.63% | -21.99% |
Gym/pool | 18.28% | 13.00% | 5.28% |
Quality aesthetics of area | 17.00% | 39.92% | -22.92% |
Close to work or university | 16.88% | 58.34% | -41.46% |
Cleaning service | 16.21% | 3.04% | 13.17% |
En suite | 15.78% | 20.12% | -4.34% |
Furnished | 12.78% | 34.41% | -21.63% |
Concierge serviced accommodation | 6.54% | 2.70% | 3.84% |
If you want to make the most of this research, look at the areas where there’s a disconnect between what tenants what and what you’re offering.
Advertise features that attract tenants – if your property boasts some of the features that particularly appeal to tenants, make sure to highlight those when listing your property online (or instruct your letting agent to, if they manage advertising for you).
Consider adjusting your property to match tenant expectations – some things can’t be changed, like whether your property has a garden or not. But if you’re currently advertising a furnished property, it might be worth considering letting it unfurnished insead.
What do you make of the research? Let us know in the comments.
Over 200,000 UK landlord policies, a 9/10 customer rating and claims handled by an award-winning team. Looking to switch or start a new policy? Run a quick landlord insurance quote today.
Start your quoteWe create this content for general information purposes and it should not be taken as advice. Always take professional advice. Read our full disclaimer
Keep up to date with Simply Business. Subscribe to our monthly newsletter and follow us on social media.
Subscribe to our newsletter6th Floor99 Gresham StreetLondonEC2V 7NG
Sol House29 St Katherine's StreetNorthamptonNN1 2QZ
© Copyright 2022 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.