The 2018 PRS-ism LSL Tenant Survey 2018 has some interesting findings for investors and landlords about the profiles and needs of potential tenants.
They have identified that tenants’ priorities change as they move through their life and they suggest that understanding their needs at these different stages will help property investors and landlords target them better.
They have categorised renters into 4 profiles:
- Younger Independents – aged 18-24 – who are experiencing wider independence for the first time
- Flexible Professionals – aged 25-44 – with high expectations of the rental process and the property they want to rent
- Budgeting Families – aged 25-44 with children at home – with schools and outdoor space being the most important factors in their property search
- Reconciled with Renting – aged 45 plus – possibly undergoing a change in circumstances, or just appreciating the flexibility of renting
For landlords wanting a long-term tenant, the latter group provide the best opportunity – on average they intent to rent a property for nearly 6 years, the longest out of any of the other groups, and only 34% of them intent to buy their own property.
Alastair Carmichael, Head of Real Estate Finance & PRS Lead at GVA, commented, “Investors will find this survey extremely useful in understanding what tenants actually want, rather than thinking about this in isolation. The key takeaways for investors will be the need to cater for a broad range of tenants and to be flexible in their approach.”
Sarah Jenkins, smarthomes’ Lettings Director, added, “One of the big things we picked up from this survey is the fact that tenants want to be involved and communicated with. As we know from experience, the better the relationship with the tenant, the more smoothly the rental goes, minimising any issues for the landlord. At smarthomes we take a proactive approach to tenant management and you only have to see our Allagents reviews to see how happy our tenants and our landlords are with the customer service we provide.”
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