When asked about what the most important quality is in a tenant, you’d imagine that most landlords would respond with the ability to pay rents on time.
However, new research suggests there is a character trait among tenants that is far more appealing to landlords.
This quality in tenants is ‘trustworthiness’, according to a survey by estate agents Your Move.
It found that 42 per cent of landlords rated it as the most important quality. Surprisingly, only just over half that amount (26 per cent) said what they wanted most was for their tenants to pay rent on time.
The survey of 1,071 landlords and tenants analysed property portfolios, behaviours and attitudes towards tenants, agents and the lettings market.
It found that the trend for trustworthy tenants was particularly prominent among so-called ‘pension pot’ and ‘accidental’ landlords - the latter being those who were not expecting to be a landlord and were often forced into the market due to inheritance or changes in personal circumstances.
At the same time, pension pot landlords are the most likely to build a personal rapport, looking for suitable tenants who will protect their investment - which usually has sentimental value.
The research found that 18 per cent of pension pot landlords like to meet or talk to new tenants before signing a contract, the highest proportion of any group.
More than half of this group, at 53 per cent, also felt it was important that tenants view the property as their own home.
When the same question was asked to tenants, the most important consideration was a property’s condition, with more than half of the tenants, at 51 per cent, saying this was the main factor for them. It was followed by value for money at 40 per cent.
In joint third place was the quality of the landlord, good communication with an agent and security of the property, all of which were named by 37 per cent of tenants.
Martyn Alderton, national lettings director of estate agent Your Move, said: “Our survey results should highlight that landlords often share the same values and expectations as tenants.
“Both parties appear to prefer peace of mind with landlords expecting tenants to look after their property and, in turn, tenants expecting their landlord to provide a good quality home for them in return for the payment of a reasonable rent.”
Do these findings ring true for you? Let us know in the comments.
6th Floor99 Gresham StreetLondonEC2V 7NG
Sol House29 St Katherine's StreetNorthamptonNN1 2QZ
© Copyright 2020 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.