What Do Tenants Want in 2021?
When thinking about investing in Buy-to-Let property, you may be left wondering, ‘what do tenants want in 2021?’. A contingent subject at the best of times, the ongoing global pandemic and national lockdowns have drastically changed the needs of tenants for 2021 and beyond. Join us as we explore the priorities of modern tenants, and how investments such as The Metalworks can meet such specifications.
As the UK embarked on its first national lockdown in March 2020, the majority of employees were required to adapt to a new way of working… from home. While kitchen tables and the nooks and crannies of apartments were adapted into home office’s in the short-term, additional space for more permanent work areas have become a priority for many tenants.
As a result, demand for 2-bedroom apartments with open-plan living environments has soared, with over 90% of tenants aged 25-34 now considering the number of bedrooms to be a determining factor. The Metalworks is ideal for professionals searching for the perfect balance of luxurious living and a productive working from home environment; the option for either a 2 or 3-bed apartment allows tenants to establish separate spaces for working and living, to ensure maximum productivity.
Safety and Security
Safety and security is arguably one of the most important factors tenants consider when searching for apartments, but this is not just limited to the living space itself. While safety locks and adequate lighting in communal areas are a given, the overall security of the facility is essential for prospective tenants.
For example, The Metalworks has prioritised the safety of its residents throughout, with it being the only private development in the area. Further to this, The Metalworks boasts a private car park for tenants, which when compared to off-road parking, is much safer. This also emphasises the added benefits of investing in an apartment with a private parking space, especially when a notable proportion of prospective tenants actively search for this added luxury.
A consistent priority for tenants has always been (and probably always will be) location, with accessibility to transport links, major roads and amenities being of paramount importance. While working from home requirements has reduced the need to be in close proximity to the office for many sectors, Nationwide research highlights that transport links support a price premium of up to 9.4% over competitor developments and will remain a priority when lockdown ends.
With The Metalworks being just a two minute walk from Slough station and a mere 18 minute commute to London, investors can be reassured knowing that this development provides spacious living in a prime location.
The accessibility of Slough is set to increase further in the coming years, with the impending completion of the Elizabeth Line. The Crossrail project includes a new railway line for the capital, connecting the likes of Slough, Reading and Twyford to Central London in a matter of minutes. As Europe’s largest infrastructure project, the Elizabeth Line is expected to eventually serve over 200 million passengers annually upon completion. In turn, Slough will soon become a convenient location for London commuters.
The town of Slough is also becoming more desirable with professional tenants, currently accommodating 5,480 businesses and the most productive commercial district in the UK, all within walking distance of The Metalworks development. With extensive regeneration schemes planned for the coming years, The Metalworks is a highlight in a £3 billion programme of redevelopment that will transform this town for prospective investors.
Privacy has been described as being crucial to one’s mental health, and with the global pandemic demanding more seclusion, private living is increasingly more important to tenants. With summer lockdowns emphasising the value of outside space, more residents are opting for apartments with terraces or balconies, and even those with access to private outdoor facilities.
Subsequently, when we consider The Metalworks, it is vital to remember the surge in demand for outdoor space that we witnessed last year. This ambitious development offers both apartments with terraces and apartments with spacious balconies. Both options will allow tenants to maximise their space, and with the absence of adjoining balconies, maximum privacy is guaranteed.
In a digital world, modern tenants are searching for smarter ways of living, which allow them to adapt and change their preferences at the touch of a button. The rise of smart living has encouraged the introduction of ‘smart buildings’, with state-of-the-art systems enabling motion sensored lighting and heating throughout.
Contemporary properties often take advantage of exclusive resident apps – bespoke software for each and every development to showcase different services and provide location information. The Metalworks caters to such innovation, with an app that ensures residents have access to the latest discounts in the local area for savings on dining and shopping experiences. This modern development also benefits from high-speed utilities to maximise smart living, allowing tenants to remotely control their heating, lighting and much more at their fingertips.
The property market has undergone unprecedented change in the past 12 months, which has inevitably led to differing priorities amongst tenants. With the economy constantly changing, the demands of tenants will continue to adapt.
However, it is almost guaranteed that affordability will be a key priority for the majority, if not all, of tenants. A survey conducted by Knight Frank proposes that, amongst 10,000 tenants, affordability remains a prominent variable throughout. Prospective investors have a plethora of new tenant demands to consider, but with The Metalworks offering a contemporary approach to living at a much more affordable price point compared to nearby London, it is an opportune development to begin, or build upon, your property portfolio.