Cost is the X-Factor for renters when choosing a property
Updated data* from landlord insurance specialists Cover4LetProperty reveals that for nearly 4 out of 5 renters, the cost is the most important factor when choosing a property. This is different to 6 months ago, when both the cost of the rental property and the location were equally the deciding factors.
The eighth in the series of surveys (carried out bi-annually from March 2013 to date) revisited the factors that influence whether someone will rent a property, and found the following:
- 79% of respondents said the cost was the determining factor when choosing a rental property (up 9% from 6 months ago);
- 71% said that the location;
- half of all renters (50%) said that having a garden was important;
- the importance of easy parking has minimally decreased by 2% to 35% compared to 6 months ago;
- overall cost, location and having a garden are the top three influencers on whether to rent a property;
- 35% rate getting on with the landlord more important (up 9%) than the décor (32% up from 22%);
- 38% said that it was important whether a landlord would allow pets at the property (trebling in the last six months when it was just 12% of renters).
Commenting on the study, Richard Burgess, Director at Cover4LetProperty, says: “Our latest study highlights that when it comes to rental properties, there has been a slight shift in priorities over the last 6 months, with the cost once again being the most important consideration for prospective renters.
“It is also interesting that whether a tenant is allowed a pet has become has become a priority - as well as getting on with the landlord. Hopefully this research will give landlords some ideas on where to focus their efforts when buying and running a let property.”
*Research carried out by Usurv on behalf of Cover4LetProperty 24.08.16
Richard Burgess, MCIM, ACIEH, Cert CII Director at Cover4LetProperty, telephone: 0845 863 9558 or email: email@example.com
With roots going back to 1946, our clients can benefit from 70 years’ of experience in the landlord insurance marketplace. We are award-winning independent intermediaries and act on behalf of our clients in arranging their buy to let and unoccupied property insurances. Our service includes advising clients on their insurance needs, arranging insurance cover with insurers to meet those requirements and help with any ongoing changes that have to be made to their landlords insurance policies.