Whether you find yourself stepping into the world of property investment for the first time or you’re a seasoned landlord seeking to expand your real estate portfolio, it’s crucial to be in tune with the preferences of tenants.
In this ever-evolving rental landscape, staying abreast of current market trends is the key to refining your rental marketing strategy and ensuring that any property enhancements you undertake yield a satisfactory return on investment.
So, what are tenants seeking in the year 2024? Let’s delve into the factors that are currently on their radar.
- Affordability: In the midst of a prevailing cost-of-living crisis, it comes as no surprise that affordability stands atop the list of concerns for tenants. With the average monthly rent in the UK soaring to £1,348*, more and more tenants are either opting to share rental costs with others or downsizing to more budget-friendly accommodations. For landlords, this presents the delicate challenge of balancing their own expenses, especially in the face of higher interest rates and inflation, while remaining competitive within the local rental market. (Feel free to reach out if you require guidance on setting appropriate rents or if you desire more insights into rental trends specific to Chelmsford.)
- Desirable Location: According to a recent study**, proximity to public transportation and essential amenities emerges as the second most crucial consideration for tenants when selecting a rental property. Notably, tenants also place considerable emphasis on the safety of the neighbourhood, reflecting heightened concerns about crime and anti-social behaviour.
- Outdoor Spaces: The significance of access to outdoor spaces has gained prominence, particularly in the wake of the pandemic, and it continues to be a major attraction for renters in 2024. Even as we move beyond the Covid era, gardens and open areas remain highly sought after, particularly by tenants with children or pets.
- Parking Availability: Surprisingly, the study uncovered that 12% of tenants prioritise access to a parking space. This trend could be linked to the growing popularity of electric vehicles and the need for charging facilities.
- Workspace and Connectivity: The working landscape has undergone a transformation in recent times. While some individuals have returned to traditional office setups post-pandemic, many have embraced hybrid working arrangements that involve spending some of their work hours from the comfort of their homes. Consequently, tenants place a premium on having dedicated home office spaces, a concept that didn’t even exist a decade ago. In an era where remote work has become a norm, robust and reliable Wi-Fi is a must for not only home-based professionals but also for those who value seamless internet access for leisure activities such as gaming and streaming. Fast and dependable broadband has become an essential feature that most renters appreciate.
By recognising and aligning with these current tenant preferences, you can make informed decisions as a property specialist in Chelmsford and the surrounding areas, positioning yourself as a go-to resource for both homeowners and renters in your real estate endeavours.
If you’d like to learn more about our property management services, contact us today.
* Source: Hamptons
** Source: CBRE
