If you want to get the best returns on your buy to let property investments then it is always best to provide tenants with what they are looking for. But how do you know what young UK tenants really want from their rentals?
New Survey Shows what Young British Tenants are looking for
A recent survey was conducted to find out what young British tenants were really looking for when they want to rent a property. The survey covered areas such as the number of bedrooms, the local employment situation and the education facilities for children.
The aim of the survey by Go Compare was to really uncover the aspects that young tenants in the United Kingdom feel are really important when they are looking to rent a property. This is very useful information for buy to let property investors who can purchase the right property in the right location and be sure of finding good tenants.
What did Young UK Tenants say that they wanted?
The survey asked young renters in the 18-24 years age bracket what was important to them about a rental property. The number of bedrooms was cited by 40% of the participants as a very important area. It appears that younger tenants really prefer a one or two bedroom apartment or house to a studio flat.
The survey also questioned the young tenants about the location of the rental. Location was a high priority and 48% of the young tenants stated that living in a rental property that was near to their place of work or their university was a somewhat important issue. Around 25% of the young renters stated that this issue was very important for them.
A furnished or unfurnished rental property was the next survey question. Around 30% of the 18 to 24 year old participants stated a preference for rental properties that were unfurnished. This figure may surprise some of you.
What was the Attitude of the Young People towards owning a home?
The survey went into other areas such as the feelings of the younger renters towards owning their own homes. It was revealed that 40% of young renters were not prepared to state if they wanted to buy their own home at a future time or not.
This is typical of the changing feelings about owning a home in the UK right now. There was another study conducted in the early part of 2018 which revealed that as many as 33% of millennials (people born between 1980 – 1996) were resigned to the fact that they would need to rent properties for their entire lifetime.
How does this affect Buy To Let Property Investors?
The results of this survey suggest that the current private rental sector is unable to satisfy the demands of the younger renter generation. Instead it will fuel the flames of the purpose built rental sector which is primed for significant growth.
As a buy to let property investor you need to explore the opportunities that exist with modern city centre property projects that will deliver what the young renters in the UK are looking for.