From bedroom numbers to proximity to local work and education hubs, a new survey reveals the amenities young British tenants prioritise, giving investors an insight into what makes the strongest investment property.
Summary:
- Young UK tenants reveal the things they want when looking for a rental home
- 40% of 18 to 24-year-old renters in the UK state bedroom numbers as being very important
- A quarter also believe that it’s very important to live close to work or university, highlighting the need for investors to focus on prime city centre locations
Are you targeting the type of property that will attract and retain UK tenants?
New research, published by online comparison site GoCompare, reveals the things that makes a rental property attractive to young British tenants.
When asked what they look for when finding a new rental home, 40% of 18 to 24-year-old renters believe that the number of bedrooms a property has is very important, suggesting young tenants are prioritising one and two-bedroom homes and apartments over studios.
Location is also another key priority. 48% of young renters state that living close to work or university is somewhat important, while 25% believe that this is a very important factor.
30% of 18 to 24-year-olds also want to move into an apartment that’s unfurnished.
The survey also revealed that 40% of tenants did not state whether they wanted to own a home in the future or not, underlining the changing attitudes towards ownership in the UK. Separate research published earlier in 2018 suggests that up to one-third of millennials (those born between 1980 and 1996) will now rent their entire lives.
All of these things that tenants now demand is driving the growth of the purpose-built rental sector. Buy-to-let, formerly the UK’s preferred rental sector, can no longer deliver the type of high-quality property in central locations that young renters now want.
Instead, investor interest is now shifting towards prioritising modern, city centre accommodation that young tenants will pay a premium to access.
Source: Select Property