Whether you’re just dipping your toes into the world of investments or you’re a seasoned landlord eager to grow your property collection, it’s crucial to establish what renters are seeking.
Getting a handle on the latest market trends not only refines your approach to advertising rentals but also guarantees that any improvements you make to your property delivers value.
So, what are tenants looking for in 2024? Let’s take a look…
Affordability
During this cost-of-living challenge, it’s no wonder that affordability takes centre stage for tenants.
As the average monthly rent in the Evesham and North Cotswolds area climbs to £1,115*, up 6% year on year, more individuals are opting to share rentals or downsize to smaller spaces to alleviate the financial strain.
For landlords, determining rental rates becomes a delicate dance, juggling their own expenses in the wake of increased interest rates and inflation while striving to stay competitive in the local market. (Feel free to reach out if you’re seeking guidance on setting rents or want more details about local rents.)
Great Location
A recent study** highlighted that the second most crucial factor for tenants is the closeness to public transport and amenities. The Evesham and North Cotswolds area are ideally located for great motorway access to commerce and industry across the region.
…and interestingly, tenants also noted the importance of the safety of the surrounding area when choosing a rental, perhaps reflecting concerns about crime and anti-social behaviour. Out of the 60 counties and major cities, Worcestershire features in the top 1/3 for the lowest number crimes per 1000 residents**.
Outdoor Space
The significance of having access to outdoor areas truly came to the forefront during the pandemic and remains a compelling factor for tenants today. Even in these post-Covid times, gardens are highly sought after, especially among renters with children or pets.
Access to Parking
The study revealed that 12% of tenants prioritise access to a parking space, a trend that could be linked to the rising popularity of electric cars and the need for charging infrastructure.
Workspace and Wi-Fi
As the post-pandemic era unfolds, some individuals have returned to office routines, while others have embraced a hybrid working model, dividing their time between home and office. Consequently, many tenants place significant value on home-working spaces—a concept that didn’t even exist a decade ago.
While robust Wi-Fi is obviously crucial for those working from home, even tenants who don’t telecommute recognise the importance of reliable internet access. The surge in gaming and streaming activities means that superfast broadband is a priority for most renters.
If you’re interested in discovering more about our property management letting services, feel free to get in touch with us at Belvoir Evesham today.
* Source: Dataloft
** Source: CrimeRate
