Location, location, location is top reason for choosing a rental property

Updated data* from landlord insurance specialists Cover4LetProperty reveals that cost is no longer the most important factor for renters choosing a property. The fifth in the series of surveys (carried out bi-annually from March 2013 to date) highlights how 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:

• 91% of respondents said the location was important - up by 30% from March 2013 and 13% in the last six months;

• nearly three-quarters of renters (74%) said the cost was the major consideration (up 3% from March 2013 but down 13% from October 2014);

• ease of parking – the importance of easy parking has decreased from 37% a year ago to 26% now (and has almost halved since 6 months ago when it was 53%);

• while cost and location consistently remain the top two influencers on whether to rent a property, previously, the third most important factor was whether it had a garden (March 2013, April and October 2014) and the décor (October 2013). The latest survey showed that having a garden is once again in the top three of priorities (43%);

• one in three renters (34%) said the décor was important, with 31% also saying that getting on with the landlord was a consideration when choosing a rental property;

• just over a quarter of all renters (26%) said that it was important whether a landlord would allow pets at the property;

• in October and April 2014, 92% of females said the rental cost was the most important factor, followed by location. The latest survey showed that 89% of female renters favour location over the cost (74%);

• and while in April 2014, 70% of males said that both the cost and the location were equally important, as at April 2015, male renters’ attitude to cost has also changed, with 94% citing the location as the most important factor, then the cost (75%).

Commenting on the study, Richard Burgess, Director at Cover4LetProperty said: “Our study really proves that when it comes to rental properties, it really is all about location, location, location. It is also interesting that the décor and getting on with the landlord are important considerations as well as being able to have pets.

“Hopefully this research will give landlords some food for thought on where to focus their efforts when choosing and running a let property.”

Ends

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

Contact:

Richard Burgess, MCIM, ACIEH, 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 nearly 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.

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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