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Location, location, location no longer the top reason for choosing a rental property

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

The sixth 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:

  • over three-quarters of renters (77%) said the cost was the major consideration (up 3% from April 2015);
  • 64% of respondents said the location was important – down by 27% in the last six months;
  • ease of parking – the importance of easy parking has increased by 7% since 6 months ago when it was 26% and is almost the same as it was two years ago when it was 35%;
  • overall cost, location and having a garden remain the top three influencers on whether to rent a property (the same as April 2015);
  • a quarter of all renters (26%) said the décor was important, with 31% also saying that getting on with the landlord was a consideration when choosing a rental property;
  • just 5% of renters said that it was important whether a landlord would allow pets at the property;
  • three-quarters (76%) of females said the rental cost was the most important factor, and just over half said location (57%);
  • male renters, however, felt that both the cost (78%) and the location (72%) were more or less equally important.

Commenting on the study, Richard Burgess, Director at Cover4LetProperty, said: “Our study highlights that when it comes to rental properties, it really is still all about the money. And while the cost, location and whether the property has a garden remain the top three reasons for choosing a rental property, it is also interesting that getting on with the landlord is something that nearly a third of all renters find important.

“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 and September 2015.

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 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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Quick facts

The study revisited the factors that influence whether someone will rent a property and found the following: • over three-quarters of renters (77%) said the cost was the major consideration (up 3% from April 2015)
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• 64% of respondents said the location was important – down by 27% in the last six months • ease of parking – the importance of easy parking has increased by 7% since 6 months ago when it was 26% and is almost the same as it was two years ago when it was 35%
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• overall cost, location and having a garden remain the top three influencers on whether to rent a property (the same as April 2015) • a quarter of all renters (26%) said the décor was important, with 31% also saying that getting on with the landlord was a consideration when choosing a rental property
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• just 5% of renters said that it was important whether a landlord would allow pets at the property
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• three-quarters (76%) of females said the rental cost was the most important factor, and just over half said location (57%) • male renters, however, felt that both the cost (78%) and the location (72%) were more or less equally important.
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Quotes

Our study highlights that when it comes to rental properties, it really is still all about the money
Richard Burgess, Director at Cover4LetProperty
while the cost, location and whether the property has a garden remain the top three reasons for choosing a rental property, it is also interesting that getting on with the landlord is something that nearly a third of all renters find important.
Richard Burgess, Director at Cover4LetProperty