A quarter of all UK households are expected to join the private rental sector by 2021. Business is booming, and a new generation of renter is emerging. But with the new generation comes increased demand and expectations.
As we approach 2020, what does this new type of renter value the most in a property?
Tech leads the way
Renter expectations are changing before they’ve even got the keys to their new home. Convenience is important for a demographic of people who are leading more hectic lifestyles.
Renters expect a level of convenience when searching for and arranging to view properties. Picking up the phone to contact an agent or firing off multiple emails is a time-consuming process.
Here at Movebubble, we provide a tech-driven platform where renters can search for properties, speak with multiple agents at once, and arrange viewings with just a few clicks. It turns a long, arduous process into quick communication with effective results.
Having flexible tenancies allows renters to feel more comfortable with their choices. On average, three in 10 renters say cite flexible renting as the most crucial factor when looking at tenancies. This is especially true of those in their 20s, who want tenancy lengths that match their more adventurous lifestyles.
Fluidity in the job market, coupled with an increased desire to travel, makes six-month to year-long contracts a better fit for younger renters with itchy feet. But that doesn’t mean lengthier options should be taken off the table altogether.
29% of renters asked said they would prefer tenancies that last more than three years. With so many varying opinions, it’s clear that flexible options are the way forward.
Upgrade me to premium
Some people still associate renting as something people do when they can’t afford to get onto the property ladder. However, a recent survey found that a whopping 84% of renters were happy with their current living conditions and decide to rent as a lifestyle choice.
This demographic typically spans from the ages 20 to 49, with the latter end of the spectrum treating their rental as a long-term home - somewhere where they can lay down roots. It also means they’re happier to pay a premium for high-quality homes that feature on-site amenities, open spaces (or a balcony) and extra services.
Considering the UK’s love affair with all things four legs, it’s no surprise that renting with pets is high on the agenda of modern-day renters. Almost 50% of the population owns a pet, which means there’s every chance a renter will bring their furry friends with them.
Traditionally, finding a property that accepts animals has been nothing but a headache. Things are changing, however. An increasing number of landlords realise the importance of pet-friendly homes, and they’re adapting accordingly. The result is more choice for renters with pets.
The 21st century letting agent
As a letting agent, you have the opportunity to meet these new demands from renters and continue offering a top-quality service. And Movebubble helps by providing you with the tools to utilise modern-day technology and offer a more seamless, transparent service to renters.
The times, they are a-changin’. Are you moving with them?