Cost, location and ease of parking are on renters’ wishlists

Updated data* from landlord insurance specialists Cover4LetProperty reveals that both the cost and the location are equally important factors for renters choosing a property. This is different to 6 months ago, when the cost of the rental property was the deciding factor – then the location.

The seventh in the series of surveys (carried out bi-annually from March 2013 to date) highlights how renters’ priorities have also changed in relation to the ease of parking and whether a property has a garden.

The study revisited the factors that influence whether someone will rent a property and found the following:

• just over 70% of respondents said that both the location and the cost were the determining factors when choosing a rental property;
• the importance of easy parking has increased by 13% compared to a year ago when it was 26%;
• overall cost, location and ease of parking are the top three influencers on whether to rent a property, which is different to the last two surveys (April and September 2015) when having a garden was in the top three;
• nearly a quarter of all renters (22%) said the décor was important, with 26% also saying that getting on with the landlord was a consideration when choosing a rental property;
• more than one in ten renters (12%) of renters said that it was important whether a landlord would allow pets at the property;
• 70% of females said the location was the most important factor, followed by cost (65%);
• male renters, however, felt that the cost (81%) was the defining factor compared to the location (72%).

Commenting on the study, Richard Burgess, Director at Cover4LetProperty, said: “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 both the money and location equally important to prospective renters.

“It is also interesting that ease of parking has become a priority over having a garden. Hopefully this research will give landlords some ideas on where to focus their efforts when buying and running a let property.”

Ends

*Independent study carried out for Cover4LetProperty by Usurv March 2013, October 2013, April 2014, October 2014, April 2015, September 2015, February 2016.

Contact:

Richard Burgess, MCIM, ACIEH, CII 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 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.

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