Female renters say having a garden is just as important as the rent

New research* from landlord insurance specialists Cover4LetProperty has revealed what potential renters place importance on when looking to rent a property – and how gender can affect these preferences.

Overall, the three things that influence whether someone will rent a property are:

• Cost - 71%;
• Location / Near to facilities (railway station, park etc) - 60%;
• Whether it has a garden – 34%.

One in five respondents (21%) said they would choose a property based on the landlord, with the decor and ease of parking being important to around a quarter of renters.

There were differences with these preferences between the genders, however:

• 65% of females said that having a garden is just as important as the cost;
• compared to 76% of males who were focused solely on the cost – with just 9% concerned whether the property has a garden.
• nearly a third of male renters (33%) said that getting on with the landlord was important, compared to just 6% of females.

When asked how many rented properties they have lived in during the last five years:

• 53% said they had lived in 2-3 properties (an almost equal split between males and female renters);
• 43% of male renters had stayed in the same property for five or more years, compared to unsettled females – 29% had not moved in five or more years while 18% had lived in four or more properties in the last five years (compared to 5% of males).

Overall, 81% of the renters questioned tend to have long term rental agreements (more than 6 months) and 31% hope to buy their own property within the next few years.

Richard Burgess, Director at Cover4LetProperty, commented: “It is interesting to read about what tenants actually want and what they feel is important to them. With more and more people being priced out of buying their own home, renting is still on the rise. Hopefully this snapshot will give landlords some food for thought about marketing their properties because, as we can see from the research, for some, it doesn't simply come down to the price.”

Ends

*Independent study carried out for Cover4LetProperty March 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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