The grapevine no longer the most popular way to find a rental property
Updated data* from landlord insurance specialists Cover4LetProperty reveals that word of mouth is no longer the most popular way to hear about a new rental home, with 64% of tenants turning to a property website first.
This is a very different result to 32 months ago, when the most popular way to find rented accommodation was via friends and family.
The latest study highlighted how:
- 18% found out about a property by word of mouth;
- 9% found a property using letting agents;
- while all renters were more likely to use a property website, male renters were equally likely (25%) to use a lettings agency and word of mouth, compared to female renters (14% say they used a lettings agency while none went on a recommendation);
- overall, 36% of those questioned rented the first property they saw;
- 43% of female renters were most likely to view three properties before they found one they liked;
- those respondents who rented the first property they saw were in the 30-39 age band.
Richard Burgess, Director at Cover4LetProperty, commented: “This updated survey shows how the internet has taken over the grapevine when people are looking for a rental property – a true reflection of how much technology is part of our lives. It seems that blokes still tend to trust their mates more as opposed to their female counterparts, with a quarter of all male renters also using recommendations. Finally, when it came to being picky, women did look at more property than the men did before choosing.”
*Independent studies carried out for Cover4LetProperty by Usurv August 2013 and April 2016.
Richard Burgess, MCIM, ACIEH, Cert CII Director at Cover4LetProperty, telephone: 0845 863 9558 or email: firstname.lastname@example.org
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.