Not location, location, location .... but cost, location, parking says new survey

Updated data* from landlord insurance specialists Cover4LetProperty reveals that cost is still the most important factor for renters. The third in the series of surveys (carried out bi-annually from March 2013 to date) reveals that priorities have also changed in relation to the importance of location and the ease of parking.

The study revisited the factors which affect whether someone will rent a property:

• cost – 82% (up 10% from March 2013)
• location – up by 18% in a year to 78%;
• ease of parking – 41% (up 15% year-on-year);
• while cost and location have remained the top two influencers on whether to rent a property, previously, the third most important factor was whether a property had a garden (March 2013) and the decor (October 2013);
• 92% of females said the cost was the most important factor, followed by location (83%). Previously, female renters felt both the cost and having a garden influenced where they would rent;
• 70% of males said that both the cost and the location were equally important, while nearly a third (30%) cited the property having a garden and getting on with the landlord as key deciders.

The study also asked how many rented properties the respondent has lived in during the past five years:

• 64% of renters have stayed for 5 or more years in the same property (over a quarter more than a year ago);
• in October 2013, 15% of males had lived in 4 or more properties in the last 5 years (compared to 8% of females). As at April 2014, none of the respondents had lived in more than 3 properties.

Richard Burgess, Director at Cover4LetProperty, commented: “From a renters’ point of view, price is still the main driver, with location and ease of parking as other key considerations. The research also suggests that tenants are staying for a longer time in their rented homes, which is great news for landlords looking for the longevity of good tenants”.

Ends

*Independent study carried out for Cover4LetProperty by Usurv March 2013, October 2013 and April 2014.

Contact:

Richard Burgess, MCIM, Director at Cover4LetProperty, telephone: 0845 863 9558 or email: richardb@alanblunden.co.uk

About Cover4LetProperty:

With roots going back to 1946, our clients can benefit from 68 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.

In 2011 we were proud to beat off some stiff competition for the award for Best Landlord Insurer in the prestigious The Money Awards.

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