With a significant number of adults living in rented accommodation in the UK, it is important for property investors to understand what tenants are looking for in a rental property. Recent research has identified the top five most desired home features among renters in 2023. These insights can help property investors make informed decisions and identify properties that offer long-term growth potential.
Parking is Number 1
The number one priority for prospective tenants in the UK is rental flats with included parking. In the past month alone, searches for such properties have risen by 214%. This increase can be attributed to the growing number of individuals relying on private vehicles for their daily commute and transportation needs, especially as Covid has led to more people relocating from rural areas with longer commutes. Renters are willing to pay a premium for the convenience of having parking included in their rental property.
Furnished rental flats also rank high on renters’ wishlists. Tenants seek the ability to move into a ready-to-live-in space without the hassle of furnishing each room. Search volume for furnished properties is in line with those for rental properties with parking, but the increase in searches over the past year is relatively lower at 18%. Nonetheless, providing furnished accommodations can attract more tenants and ensure hassle-free living arrangements.
The inclusion of a balcony made it to the top three desired home features. Renters value having access to outdoor space, which provides opportunities for relaxation and social activities. Rental properties with balconies are in high demand, as they offer an extension of living space and enhance the overall rental experience.
Proximity to local schools is another significant factor for renters, particularly for parents looking to minimize travel distances and have greater flexibility in their daily routines. Rental properties located in good school districts are highly sought after, as they provide convenience and peace of mind for families.
Lastly, rental properties with bills included have become increasingly popular. Searches for such properties have risen by 176% in the past month. All-inclusive rental options provide renters with convenience and financial stability, especially in the current climate where people are looking for predictability in their housing expenses.
Conclusion
Understanding the features that renters prioritize can be valuable for property investors seeking long-term growth potential. The top five desired home features among renters in the UK in 2023 are parking, fully furnished accommodations, a balcony, proximity to local schools, and bills included. By considering these factors along with the amenities expected with luxury, off-plan properties, investors can identify opportunities that offer strong potential for both profitability and meeting renters’ needs. It is essential for property investors to stay informed about market trends and cater to tenants’ preferences to achieve their investment goals in the dynamic rental market.