TENANTS DEMAND THE IKEA EFFECT - high expectations raise standards in the rental property sector

Shabby décor and second-hand furniture are among the biggest turn offs for today’s tenants according to research by Belvoir, the UK’s leading lettings specialist with almost 100 offices around the UK.

“Today’s tenants are becoming increasingly discerning and will no longer put up with properties that are poorly decorated, inadequately furnished or look tired,” says Mike Goddard, Managing Director of Belvoir Lettings which operates a national network of offices.

“Over the last few years, many people have become interested in interior design and the spread of stores like Ikea means that stylish, modern furniture is now within most people’s reach,” continues Mike. “This, along with a market increase of quality new builds, has led to an increase in tenants’ expectation.”

Even at the cheaper end of the market, Belvoir says that tenants’ expectations have risen considerably in recent years. Items which were once seen as luxurious extras are now expected as standard such as fully-fitted modern kitchens equipped with a range of white goods including dishwasher, microwave and fridge freezer; modern bathrooms fitted with power showers and good quality flooring and window dressings.


However, according to Belvoir, location still remains the most important factor when looking for rental property. Proximity to good transport links and local amenities remains key but, as the number of families choosing to rent rather than buy continues to increase, demand for rental properties which fall into good school catchment areas is on the up.

The importance of a dedicated parking space – or at least the option of off-road parking – is also on the increase. “Properties in areas with poor local parking are often difficult to let,” said Mike. “However, in the centre of many of our major cities, we are also seeing tenants become more realistic about parking and some are even choosing to give up their cars altogether as they opt for modern, city centre living.”

Demands for larger, more spacious property are also on the up. “Tenants are now insisting that a room described as a ‘double’ is in fact a proper double bedroom and not just a space large enough to take a double bed and little else,” explains Mike. “In general, properties with larger rooms are easier to let and we are seeing an increase in demand for properties with three or more bedrooms, as well as gardens and garages.”

Good security is an issue that is becoming increasingly important for today’s tenant, according to the network of Belvoir offices. “Security alarms, window locks and good lighting can really boost a landlord’s chances of letting a property,” says Mike. “Tenants are not only looking to protect their possessions – they are also concerned about personal security and will take this into consideration when choosing a home.”

“The number of new builds coming onto the rental market in the past couple of years has really had an impact on overall standards and means that tenants’ expectations are rising all the time,” concludes Mike. “Better standards also mean the rental market is increasingly accommodating a higher number of young professionals, older couples and families who now choose to rent rather than buy.

“As a result, landlords have had to really raise their game to compete and meet demand. As an investor, it is in a landlord’s interests to provide quality properties that are well-maintained, decorated and equipped – these will continue to attract quality tenants who will respect the property and ultimately help to protect their landlord’s long-term investment.

ENDS

For further information or to set up an interview please contact:
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