Barclays Property Insights reveals what renters deem essential when choosing a property and what landlords seek in tenants. With nearly half of tenants considering damp and mould a deal-breaker, landlords must ensure their properties meet these standards to attract and retain tenants.
Renters’ Top Requirements
According to Barclays Property Insights, 46% of tenants consider the absence of damp and mould non-negotiable. Access to a living room and outdoor space is crucial for a third of renters, while 32% demand double glazing to conserve heat and save on energy bills. “Landlords and property developers looking to make their homes more attractive should consider whether they’re able to check off more of these items, in order to appeal to a broader range of applicants,” Barclays advises.
Key Attributes for Tenants
Barclays’ data shows that landlords prioritise cleanliness and proof of income, with 27% of landlords citing these as mandatory. One-third of landlords are willing to accept lower rent from existing tenants who maintain the property well. Additionally, 23% of landlords would accept a lower offer from tenants who are flexible with the move-in date. Personal communication from prospective tenants can also make a significant impact, with 34% of landlords saying it would increase their likelihood of acceptance.
Enhancing Property Appeal
For landlords aiming to upgrade their properties, simple improvements like damp-proofing, installing double-glazing, and enhancing internet capabilities can make a significant difference. “The research also reveals how prospective tenants can stand out in a crowded market by highlighting sought-after attributes such as willingness to take good care of the property and having strong character references,” says a Barclays spokesperson.
Future Outlook
This focus on property standards and tenant qualities comes as 20% of renters feel there is too much competition in their area. Highlighting desirable attributes in rental applications and communicating effectively with landlords can give applicants an edge. By addressing these concerns, both landlords and tenants can benefit from a more harmonious rental experience.
In summary, understanding and addressing the non-negotiables for tenants while ensuring that prospective renters meet landlords’ expectations can help create a more stable and attractive rental market. With strategic improvements and clear communication, landlords can attract and retain quality tenants, enhancing the overall rental experience.
