An insight into the modern renter
It’s no surprise that in today’s instant culture, consumers are becoming more demanding and discerning.
The rental market is compelled to meet ever-increasing expectations, while build-to-rent (BTR) has upped the ante – with developers, investors and landlords under pressure to keep pace with the modern
renter. But how do you know what today’s tenants expect?
We can help. We’ve commissioned leading market-research specialists GWI to survey a cross section of society to bring you an insight into the minds of tenants – how they live, what they want, and what they
aspire to.
More than just statistics, this study of 1,000 UK respondents provides a glimpse into what attracts tenants; allowing you to make sure your accommodation matches their needs.
How we live today
There’s no doubt that modern renters expect more. Mismatched furniture and a landlord who takes weeks to fix things just won’t cut it. Today’s renter expects attention to detail, great service, and a beautiful home they are proud to live in.
• Nearly 49% believe it’s important to view a fully-decorated show home
• Nearly 60% expect their home to be furnished
• 50% would like kitchenware included
• Nearly 42% want their homes to be professionally decorated
Our insight
Decorating properties with style, comfort and practicality will attract the right renters. Quality furnishings will create a high-end feel – important to today’s Insta-generation – and can be critical to commercial success.
The growth in BTR
The UK’s BTR market is experiencing rapid growth, with schemes springing up across the country at an increasing rate to satisfy the hunger for high-quality, well-managed rentals. 82.6% of tenants currently rent from a private landlord; indicating that these renters are looking for more and considering BTR as their next option.
Our insight
The demand is apparent – we expect the interest in BTR to continue to grow, with both non-renters and those who rent from a landlord contemplating the move to BTR. In this fast-moving market, it’s key that your rental stands out from the crowd.
The great outdoors
We know that how we use our homes is changing. The rise in digital nomads means the ability to comfortably work from home has become high on renters’ wish lists.
Equally, following the height of the pandemic when many found solace outdoors, outside space is increasingly sought after.
Our insight
The majority of renters will select developers who offer communal outdoor space or private balconies, and landlords who have properties with well-equipped gardens.
Communal space
Today’s renters place some importance on community – perhaps as a result of the isolation experienced by many over recent years.
31.4% are very interested in a communal working space.
Our insight
While an amenity space is outside what a private landlord can typically offer to residents, it has become a must-have for BTR developments.
The urbanites
When we focus on people who live in cities, expectations are high. Urbanites have clear views on what would make them choose between two rental options in the same location.
• 39.8% would choose the property with quality furnishings
• 40% would choose the property with a concierge
• 46.2% would choose the property with communal spaces
Our insight
To give your rental the edge over others, consider contemporary fittings and furnishings and ensure the
property is finished to turn-key standards. Perks such as concierge services, wellness areas, shared gardens and communal working spaces can help attract residents and even command a higher price tag.
Give your rental real appeal
Whether you are a landlord, developer or investor, maximising income is key. That means having full properties with minimal voids, residents who can afford the rent, and tenants who rent for the long-term.
Understanding how your residents use their home, and what they expect from a rental, will help you ensure you offer the right balance to your target market.
• 82.8% see their homes as a sanctuary
• 74.1% use their homes for family time
Our insight
Unsurprisingly, we see our homes as a refuge, cocooned from the outside world with the ones we love. Attract residents by making your rental a stylish sanctuary where they can see themselves living long term.
Beautiful furnishings
Home is where the heart is. People value the aesthetics of their homes and place great importance on
their interiors.
• 29.7% of renters would like their home professionally designed by an interior designer
• 30.1% want at least basic furniture
Our insight
The rental market may sometimes be seen as offering bland, insipid interiors. With such a majority placing importance on interior design, landlords and developers would be wise to design, decorate and furnish their rentals in a manner that will make their property more memorable to attract residents.
Urban interiors
Urban renters appear even more design conscious – city-dwellers again seem
to have higher expectations
• 40.8% are looking for at least basic furniture to be provided
• 28.6% of all renters say they’re willing to pay more rent for higher quality furniture
• That jumps to 36.9% for the most social within this group, 36.6% of those who use their home as a sanctuary, and 27.1% of those who want BTR
Our insight
In towns and cities, tenants have more choice of rental properties – stylish interiors will help attract residents, and they may even be willing to pay more for a high-spec furniture.
Community matters
A home which gives people an opportunity mix with other residents – whether in a communal garden, work space or other amenity area – is an attractive thought for many.
Of those who plan to move into BTR, 48.6% are likely/highly likely to choose one place over another (in the same location) if it has communal spaces.
That statistic is 48% for people who use their homes for exercise, it’s 50.4% for those who say they love interior design, 46.2% for urban renters and 49.5% for the most social renters.
Our insight
Those developers and landlords who are able to offer communal space will entice residents who are looking for a sense of community and who feel amenity space is a positive perk.
Rentals with benefits
When faced with two rental developments in the same location, people say they would choose one over the other based on several perceived benefits – and the opinions change according to the different cross-sections of people questioned in the survey.
BTR enthusiasts:
• Nearly 38% would pick somewhere
professionally designed
• 32.5% want it to be fully-furnished
and move-in ready
Those who see their homes as a sanctuary:
• 43.8% would pick a professionally
designed home
• Almost 22% are unlikely to be swayed
by having a concierge
Urban renters
• Nearly 40% would choose a home with quality furnishings
• 41.2% want it move-in ready
Couples renting:
• 32.6% would want quality furnishings
• 35.1% would like a concierge
Renters with children:
• 37% would choose a development with communal space
• Nearly 36% would be persuaded by quality furnishings
Our insight
Rentals that have been professionally designed with quality furnishings are consistently rated as appealing. Offering a rental with benefits will capture the right audience who are willing to pay the rent that you and your property deserve.
Get in touch
At Hatch, we believe that by breathing life in to your rental spaces through award-winning design, impactful interiors and furniture that goes the distance, you can attract the right tenants for your portfolio. We can help you create homes that tenants are proud to live, work and play in. For hints and advice on how to make your interiors shine, sign up to receive the next phase of Hatch’s tenant research.
We can offer free consultations for landlords, BTR operators and interior design private clients. Contact us for more information.
020 7373 3131