As a landlord, it’s always a smart idea to keep on top of upcoming residential trends to consider how you can market your property in the most appealing way. 2021 saw a significant increase in the number of people looking to rent, especially in London where 27% of people rent privately (compared to 17% in the rest of the country[1]).
Within that upsurge, a number of trends emerged, many of which were born out of the instability of COVID-19 and its regular lockdowns. At Marsh and Parsons, we keep on top of the latest developments within the market so that we can keep you well informed. We’ve rounded up a list of the key changes in tenant behaviour and trends to keep an eye on in 2022.
Pet-friendly lettings
Just months after the start of the pandemic, property agents and publications were already reporting spikes in searches for pet-friendly properties[2]. Marketing your home or property as pet-friendly will be one of the best ways to get noticed by a wide pool of tenants, especially if your property is in an area with lots of green space.
The decision to accept pets in your property can be difficult, acknowledging that there are some risks such as damage or odours. However, it’s important to note that there are no laws preventing pets in rental properties and landlords should be able to provide a valid reason for not accepting them.
Another consideration is the protection provided by the tenant’s deposit should anything need to be replaced or fixed. Moreover, if your property is professionally managed by Marsh and Parsons we can take care of any repairs or maintenance needed.
Outdoor space
Unsurprisingly, after almost two years of on and off lockdowns, renters continue to search for properties that have some form of outdoor space. Whether that is a balcony, patio or shared or separate garden, enjoying some fresh air or sunshine without having to head out to find your local park is very appealing.
Renters are especially looking for outdoor spaces that are low maintenance, private and have extra amenities like outdoor heating or even hot tubs. Having any of these features could increase the rental value of your property.
Interestingly, there has also been a surge in tenants looking for indoor pools and, though we know this is a very rare amenity to offer, it’s a luxury on the rise.
A home office
With more and more Londoners working from home and adopting hybrid working to avoid rush hour, expensive travel costs and early alarms, the attractiveness of a home office space continues.
Renters are willing to spend a bit more on a home if it comes with separate space for an office, especially as they’ll already be saving on commuting. This has also seen a rise in popularity of two-bedroom flats in London, including those where the second bedroom is now regularly being used as a work from home space.
Green features
As we move further into 2022, tenants aren’t just looking for homes that are perfect for them, but ones that are more environmentally conscious. As climate fears are on the rise, homes with smart meters, higher EPC ratings and access to renewable energy are more desirable. Many modern flats to rent in London will include this already, so to compete with the quality of purpose-built homes, it will be increasingly important to look into improving your property’s green features.
Furthermore, prospective tenants are also looking to live in neighbourhoods that can be traversed by foot or bike, to avoid having a car or taking public transport. Younger generations are looking for homes that are sustainable and future-proofed, which is something well worth investing in[3].
Flexibility
Of course, no one knows for sure what 2022 has in store. Within the lettings market, embracing flexibility will be more important than ever.
Considering options such as easily extendable tenancies, short term lettings, a more lenient approach to guarantors and pet-friendly properties are all aspects that tenants are on the hunt for. By demonstrating understanding and willingness for flexibility helps ensure that both parties are getting what they want from a tenancy agreement.
If you would like advice on the best ways to attract tenants or how to make some of these changes to your home, please get in touch with our team.
[1] 2020/21 English Housing Survey
[2] Property Wire
[3] The government will subsidise the installation of a greener boiler and insulation, to improve your EPC rating.
Go Back