As a landlord, you need always to be aware of new residential trends in order to sell your home in the most desirable manner. In 2021, a lot more people wanted to rent, especially in London, where 27% of people rent privately, compared to 17% in the rest of the country.
Within this increase, a variety of trends emerged, most of which were spawned by the volatility of COVID-19 and its periodic lockdowns. House management stays abreast of the most recent market trends so that we can keep you informed. We have compiled a list of the most significant tenant behaviour changes and trends to watch in 2022.
Pet-friendly lets
Only a few months after the onset of the epidemic, property managers and the media reported an increase in inquiries for pet-friendly housing. One of the best ways to get a lot of tenants is to advertise that your home or property is pet-friendly, especially if it’s in an area with a lot of green space.
Accepting some hazards, such as property damage or unpleasant odours, might make the decision to allow pets on your property challenging. But it’s important to remember that there are no laws that say dogs can’t live in rental properties, and landlords must have a good reason for not letting them stay. Another factor to consider is the protection afforded by the tenant’s security deposit in the event that something must be replaced or repaired.
Also, if you hire House Manage to take care of your property, we will take care of any repairs or maintenance that need to be done.
Outdoor space
Unsurprisingly, following nearly two years of intermittent lockdowns, tenants continue to seek out houses with outside space. Whether it is a balcony, patio, or shared or separate garden, it is highly tempting to be able to enjoy some fresh air or sunshine without having to travel to a nearby park.
Tenants are particularly interested in outdoor areas that are low-maintenance, private, and offer additional features such as outdoor heating or even hot tubs. Possessing any of these things could boost your property’s rental value. Strangely, there has also been a rise in the number of tenants who want indoor pools, even though this is a very rare amenity.
A home workplace
As more and more people in London work from home or use hybrid working to avoid rush hour, high commute costs, and early alarms, the desire for a home office keeps going up. Renters are willing to pay a bit more to property management companies to get a home with a separate office area, especially since they will be saving money on commuting. This has also made more people want to live in London apartments with two bedrooms, especially those where the second bedroom is often used as a home office.
Green attributes
As 2022 progresses, residents are seeking residences that are not only perfectly suited to them but also environmentally conscientious. As climate concerns increase, intelligent meters, higher EPC ratings, and access to renewable energy become increasingly attractive. To keep up with the quality of purpose-built homes, making your home more environmentally friendly will become more and more important.
In addition, potential tenants seek out neighbourhoods that can be reached on foot or by bicycle in order to avoid driving or using public transportation. Putting money into homes that will last and be good for the future of the next generation is a good idea.
Flexibility
Obviously, nobody knows with certainty what 2023 will bring. In the rental market, adaptability will become more vital than ever. Tenants are on the lookout for possibilities such as easily extendable leases, short-term rentals, a more flexible approach to guarantors, and pet-friendly residences. By exhibiting flexibility and understanding, both parties are more likely to obtain what they desire from a lease agreement.
Please get in touch with our property management team if you want advice on how to find tenants or how to make some of these changes to your house.
