Rightmove is a great open-source of information on property trends. Recent data gathered from over 600,000 available properties on Rightmove has revealed what features are most in demand from renters.
For renters unsurprisingly, the energy efficiency of properties is becoming more important, with the provision of double glazing and smart technology such as a smart heating system, being most important. In addition, being near a station also appears in the top three features that attract the most demand. A new boiler is also near the top of the list.
Being near a station ranks higher for renters than for buyers, as well as home features which add storage space such as a basement, attic or shed. A parking space is also a priority for many renters, and properties which are open plan also make the top ten list.
Most in demand features for buyers and renters in order are as follows:
1) Double glazing
2) Smart technology, such as a smart heating system
3) Near station
4) Parking space
5) Basement
6) New boiler
7) Shed
8) Attic
9) Energy efficient
10) Open plan
As a landlord, knowing what features are most important for renters is critical so that the property can be prepared in such a way that it matches the needs of the market. In addition, this knowledge enables the landlord or their agent to pick out these important features in their advertising, maximizing the chance of achieving a quick let and minimizing void periods.
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What about HMOs?
The data from Rightmove deals mainly with single lets or BTL properties. So what features are important for tenants looking for rooms?
Let’s start by trying to understand why tenants rent individual rooms in the first place…
Since 2019 there has been a dramatic increase in population in the UK (up 0.6%). This in itself has put pressure on housing and space, and with houses themselves at a premium, then more people will require an interim solution such as a room.
Another big reason for renters choosing a room is financial constraints. A recent survey by Spareroom showed that only 31% of tenants in shared accommodation could afford to rent on their own and only 12% could afford to buy a house. Not unsurprisingly, 57% of tenants say they share for financial reasons and 37% say they share for a mixture of financial and social reasons. Only a small percentage – 3% – say that they live in shared accommodation for purely social reasons.
People are also staying single for longer in their 20s and 30s, so the trend is to live in an HMO to be social, mobile and have more money. While more young professionals are looking to rent HMOs while saving for a mortgage, they still attract the traditional tenants in a low-income bracket who would struggle to own their own property, or are not aspiring to own at all.
So, what do these tenants want?
When you’re a landlord operating an HMO, it’s crucial to consider what tenants are looking for. The main attractions include the furniture, facilities and local amenities. Although providing a furnished room isn’t a legal requirement, landlords are generally expected to furnish their properties.
With economy, high on the list of wants for HMO tenants, including bills within the overall rent price is a must. In addition, living in an area with a fast broadband speed and reliable WiFi is also a consideration for many, so they can avoid additional costs.
Do your research into the popular areas for HMOs, as they tend to be in clusters, especially in districts with a high student population. This appeals to the social nature of HMO tenants.
Other attractions are similar to single let properties. This includes being close to public transport links, such as on a bus route; having shops nearby; being close to a town center or retail park; and having leisure attractions nearby, such as a pub or places to dine out.
The modern trend for HMOs is towards providing large double rooms which will appeal to long-term professional tenants.
Tenants also prefer modern en-suite bathrooms when this doesn’t impact too much on the overall bedroom size.
Fully furnished rooms are attractive to tenants who can’t afford to buy their own furniture, or do not want the hassle of trying to accommodate their furniture when they move. As such, they also appeal to people who need to move quickly from a furnished property in another area, such as for a new job.
It is usual to provide a fridge/freezer, washing machine, tumble dryer, oven and hob and microwave oven in a communal kitchen. Having a large kitchen, especially one with a dining table and chairs where tenants can gather at mealtimes, is also popular, particularly in the student market.
HMO furniture should be desirable yet functional. From an aesthetic perspective, it needs to enhance the property, but it must also be durable and hard-wearing. Furniture can either be bought or – increasingly these days – rented by the landlord to fit out the property.
So, in conclusion there are some modern trends in both single let and room rentals that landlords need to pay attention to, to enable them to market their rental property in the best light.
At Lifeboat Lettings we will always help and advise landlords and assist where we can.
If you would like some help with any of the subjects covered above or anything else relating to properties or lettings, please email contact@lifeboatlettings.com.
