Covid 19 has changed so much. It’s changed the way we communicate, the way we socialise, the way we work and the way we live.
Over the past few months we have been highlighting what property buyers are looking for in their next home. In our team meeting, our rentals team pointed out, tenants are are also wanting very similar. Because of this, our reasearch team decided to investigate further. Here is what they found.
- Affordability. Affordability came out on top for potential tenants. They understand that rents aren’t coming down due to the lack of supply, but equally, they want something that is fairly priced. Nobody knows what the future will hold when it comes to employment and if we were to get locked down again, they want to feel confident they can pay the rent.
- A garden (or some outside space). Outside space has become more important than ever. It is something many homes are lacking. If you are thinking of investing in property, consider homes which may have a good-sized yard. If you are buying an apartment – a balcony would be popular!
- Broadband Speed – As we become more reliant on the internet to communicate both for work and with family and friends, broadband speed is becoming more important. Families want it so they can watch Netflix. Teenagers want it so they can game. And with more people than ever having to work from home, people need it so the can work efficiently!
- Space to work from home – for buyers and renters, space to work from home as become a driving factor when they make the decision to move. People don’t want to have to use the dressing table in a bedroom or the kitchen table. They want a dedicated area. For many, this is a spare a bedroom or an office in the garden. For others, it is an extra reception room. Space though is key!
The Survey, based on 14,000 tenants, found that over two-thirds of tenants said affordability (68%) and a garden (67%) had become more important than they were pre-lockdown. With the government encouraging working from home, it is no surprise that 63% of tenants said broadband speed was more important and 61% said space to work from home was more important.
We thought this was really useful information for potential landlords to know. If you are thinking of investing in property locally, these matters should all be taken into consideration. It will help you find the perfect tenant easier!
If you are thinking of buying for investment in Lancaster or Morecambe, please get in touch. At JDG we are here to help both with the property purchase and property management.
Call us 0n 01524 843322
Thanks for reading