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: firstname.lastname@example.org
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