What Do Renters Look For In 2018?
As more people stray from the property ladder and traditional home-buying, the private rented sector is continuing to grow at a rapid pace. Generation Rent is a thing and it’s happening right now.
With property prices hitting new heights and affordability being stretched, it’s not a surprise that long-term renting is growing in popularity. Millennials now make up around half of the current housing market and a massive 90% of those are renters. As we enter 2018 and property prices remain high, it seems like a trend set to continue.
We offer a look into the property landscape, examine the rental market and see exactly what renters are looking for in 2018.
So who is the current typical renter?
As you’d expect, the current typical renter is a young adult that is looking for more flexibility. It’s a good idea to do some research into common tenant demand but typically, current renters are looking for:
Pet-friendly properties – Many current renters tend to own animals.
Eco-friendly / smart properties – Young renters are generally more eco-conscious and accustomed to using many different types of technology. Smart and energy-saving features will be a great bonus.
Outdoor areas – More renters are showing an interest in outdoor spaces. Access to balconies, communal areas or shared garden spaces can raise the attractiveness of a rental opportunity.
Flexibility is one of the main advantages cited by tenants in the current rental market, but it isn’t just location that’s important. Current renters are also attracted to the mobility afforded by renting. The choice of being able to move or change the living arrangement at any point has played a huge role in the rise of Generation Rent.
Affordability is another big reason why renting over buying is occurring. With long-term, ‘permanent’ renting now viewed as a viable alternative to buying, it’s not the temporary arrangement that previous generations viewed it as.
Accessibility is also incredibly important. With administration fees, huge deposits and mortgages often making buying a much more expensive path to take, renting is the much more accessible choice for most people. Many renters will also want to avoid any form of maintenance or repair work, which makes renting ideal.
Finally, safety is vital. A huge 76% of tenants reported that safety was the top priority, making it highly important that landlords and agents promote the safety benefits related to their property.
Smart Apartment Design
It’s increasingly apparent that current tenants are also after more for their money. Millennials are happier to spend a little more money for comfort, especially if they’re renting for a while.
Gone are the days of offering a basic property unit. Renters in 2018 are looking for excellent interior design, smart features and a diverse lifestyle.
Landlords may want to consider underfloor heating, provision of appliances and maintained communal areas. It’s also worth implementing anything that improves efficiency. A fast internet connection, quick response times to maintenance logs or queries and accessible, easy communication will sit well with renters
Generally, tenants in 2018 will be looking for a comfortable unit that fits their lifestyle. By emphasising the flexibility in location, accessibility and amenities in the local area, landlords can appeal to the core points that many tenants look for in the current climate.
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