Many of you reading the Experience Invest blog will either have already invested in a buy-to-let property, or will be seriously considering doing so. With this in mind, we thought we would share some recently published research that provides an insight into what tenants are looking for.
The UK Tenant Survey 2015/16
Estate agent Knight Frank’s Tenant Survey takes into consideration the views of more than 5,000 people renting residential property in the UK. Compiled by YouGov, it is one of the most comprehensive studies of the private rented sector ever to have been carried out.
The research emphasises the growing demand for private rented accommodation in urban centres, or near centres of employment. Its findings reveal that the key priority for tenants is ‘proximity to their place of work or study’. More than half (52%) of those questioned said they would prefer to rent somewhere ‘close to work’. While 47% said they would look to rent somewhere with ‘good transport links’. In London, 71% of respondents said good transport links were a priority.
Key findings from the Tenant Survey
- 50% would travel up to 45 minutes to get to their place of work each day
- Ideal length of a tenure is 12 months or more – especially important for younger generations
- A quarter of respondents do not know whether they will buy their own home in the future, and 8% said they did not plan to buy a home for ten years or more
- A quarter of respondents were living alone, while just over a third were couples without children
- Up to quarter of Londoners are prepared to pay up to 50% as a maximum amount of their ‘gross annual’ income on rent
- More than half of tenants living in London use the underground for their daily commute
- A third of tenants questioned said they would pay extra rent to keep a pet
- Many tenants (two fifths) said that being able to store their bike where they were living was important
Renting no longer an ‘interim’ solution
The concept of ‘renting’ rather than ‘buying’ a property is becoming more commonplace in the UK. And while this is definitely an affordability factor, it is increasingly a preferred choice, especially among the younger generations. Nearly 70% of those respondents aged 18 to 24 year olds, and just over 60% of 25 to 34 year olds saying they would ideally rent a property for 12 months or longer.
About Experience Invest
Experience Invest is a London-based independent property company specialising in residential investments, student property and care home investments. The company works with clients across the UK and internationally, and is regularly featured in the property news – see The Telegraph, on Yahoo Finance, and by Reuters for examples of recent articles.
Experience Invest recently announced the launch of One Wolstenholme Square, a brand new residential development in the heart of Liverpool.