Cost still the most important factor, but a lick of paint would also help say prospective renters!

Updated research* from Cover4LetProperty – the landlord insurance specialists - reveals that costs have become more important than ever when looking to rent. The study – which was originally run in March 2013 and then re-run again 6 months later – reveals in that time, attitudes have also changed in relation to décor and location.

The survey revisited what is important to potential renters – and how gender can influence these choices, too. The top factors which affect whether someone will rent a property are:

• cost - 80% (up 9%);
• location (e.g. near to shops, the railway station, a park etc) - 65% (up 5%);
• decor – previously, nearly one in four (24%) were influenced, now 38% of prospective tenants take in to account the decor;
• ease of parking appears to be more important (currently 37% compared to 26% six months ago);
• whether it has a garden – 34% (no change).

There were gender differences with these preferences, too:

• 65% of females said a garden is as important as the cost (no change);
• 92% of males focus solely on the cost (up 16%) though 31% (compared to 9% of males six months ago) were also concerned whether the property has a garden;
• where previously just 6% of females placed an importance on getting on with their landlord, this has increased to one in ten.

When asked: “How many rented properties have you lived in during the last five years?”

• 31% have lived in 2-3 properties – down 22%;
• 58% of renters have stayed for more than 5 years in the same property (up 21% since March);
• 8% of females had lived in 4 or more properties in the last 5 years (compared to 15% of males).

Richard Burgess, Director at Cover4LetProperty, commented: “From a renters’ point of view, price is still the key issue, with location and decor following up behind. For a landlord, this information is useful if they are looking to increase their portfolio or rent from existing property; they can use improvements in decor or property location to maximize revenues from their investments.”

Ends

*Independent study carried out for Cover4LetProperty October 2013 by Usurv.

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 66 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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