This year we have all been spending significantly more time at home. We work there and we live there meaning there is no longer separation of your personal life from your professional life.
This is something many of us have not had to face before.
We have been locked down in our homes for days on end. Those living in older and perhaps more outdated homes may have found that their desires have changed. The newfound desire for bigger properties with more space may not be compatible with the rental properties of the past.
For as long as we have known BuyToLet was the only way to rent in the UK. Like most things, properties are subject to age. These older properties may not necessarily meet the needs of this generation’s tenants. According to Knight Kings 2019 tenant survey, the key things tenants desire are:
-Affordability: tenants want a good product at an affordable price
-A rent that is comfortable for them to maintain
-A popular location with access to local amenities
-Close to their place of work
-Large living space within the property
-Key amenities, such as en-suite bathrooms and gyms on site etc
-For these kinds of facilities, tenants are willing to pay extra
Build to rent is likely the only way to meet all a tenant’s desired checklist features. Combining desired facilities of a certain group will in turn attract a group of like-minded individuals. This can create a strong sense of community between neighbours. It is this feature that has contributed to build to rent becoming one of the fastest growing sectors in the UK.
By 2025 rental demand is set to hit up to 6million people. For many build to rent will be their accommodation of choice due to its ability to be highly personalised and tailored to tenants particular needs.
Lockdown has meant different things for many people.
For many tenants, it has been an opportunity to find shortfalls with their current accommodation. A survey conducted by Savills found that 39% of those under 50 now desire a larger living area. Greater access to outdoor areas has become desirable within the under 40’s category. Working from home has also highlighted the importance of strong Wi-Fi connections.
Ultimately if your property meets the needs of your tenants, they are much more likely to be happy and comfortable in their property. This subsequently means they will be less likely to move out.