When you invest in your next buy to let investment property you need to take into account a number of very important factors which are essential to tenants. One of the most important considerations for a tenant is their commute time.
The average commute time for a private tenant in the UK is around 30 minutes according to research recently produced by Landbay. 75% of those tenants that were surveyed said that they would only consider renting another home if their commute time was extended by less than 18 minutes.
This research confirms that commute time is very important for tenants today. There are other important factors concerning the location of a rental property as well. These are actually more important than getting their foot on the property ladder.
Tenants are Demanding More
The pressure is really on private landlords to provide decent accommodation that is professionally managed in the private rental sector. Cost is also an issue for tenants but this falls down the list of priorities. The Generation Rent website is applying pressure on private landlords to deliver what tenants want.
Location of a rental property is really very important to a tenant and you must do your homework here to make sure that your next investment is in the right place. There will always be demand for high quality rental accommodation in the right areas. So if you want your next buy to let investment to be a total success you need to choose the right location.
Tenant Commuting Methods are Important
The way that tenants commute to their places of work is different in London than it is in the rest of the UK. In London Nearly 70% of tenants will use public transport, where is in the rest of the country 25% of tenant’s will use public transport.
More people drive to their places of work outside of London. Only around 13% of London tenants drive to work compared to 38% or tenants in other parts of the country. The time it takes to commute is also a very important factor for tenants these days.
No matter where a tenant lives they do not want a commute time longer than 45 minutes if they can avoid it. The shortest average commuting time in the UK is in the North East of England at around 21 minutes.
Getting on the Property Ladder is not so important
These day’s people are happy to rent their homes and getting their foot on the property ladder is not top of their priority list. There are other important factors which are much more important to them.
Examples of these important factors are being centrally located and having good transportation links. Renters want to be close to major employment hubs and they will look at the proximity of your property to these hubs and transportation links first.
What does this mean to you as a Buy to Let Investor?
It means that you need to pay careful attention to the location of your next buy to let property. Take into consideration employment opportunities, transportation links and good road networks as a minimum when you are looking for your next rental investment.
You can get ahead of the game by checking out what plans are in place in specific areas such as major investment in new transportation links. With some simple research you can easily find out what improved transportation plans exist in specific areas. The bottom line is to give tenants what they want.