Renters’ property wish list revealed – cost, location and easy parking

Updated data* from landlord insurance specialists Cover4LetProperty reveals that cost is still the most important factor for renters. The fourth in the series of surveys (carried out bi-annually from March 2013 to date) reveals that priorities have also changed in relation to the importance of location and the ease of parking.

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

• cost – 87% (up 16% from March 2013 and 5% from April 2014);
• location – 80% - up by 19% from March 2013 and 2% in the last six months;
• ease of parking – the importance of easy parking has nearly doubled from 23% 18 months ago to 53% (up 16% since April 2014);
• while cost and location consistently remain the top two influencers on whether to rent a property, previously, the third most important factor was either whether it had a garden (March 2013 and April 2014) and the décor (October 2013). The latest survey showed that ease of parking is now the third most important factor, followed by the garden (50%) and then the décor (47%);
• in October and April 2014, 92% of females said the rental cost was the most important factor, followed by location;
• and while in April 2014, 70% of males said that both the cost and the location were equally important, as at October 2014, male renters’ attitude to cost has changed, with 82% citing the rent as the most important factor, then the location (77%);
• nearly half of all female renters (46%) said that getting on with the landlord influences whether they rent a property (a 30% increase since April 2014) compared to 24% of males (up 7% since April 2014).

The study also asked how many rented properties the respondent has lived in during the past five years:

• 53% of renters have stayed for 5 or more years in the same property (10% less than a year ago);
• in October 2013, 15% of males had lived in 4 or more properties in the last 5 years (compared to 8% of females). As at October 2014, 6% of male and 23% of female respondents had lived in 4 or more properties.

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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 68 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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