Five Things That Changed in the Rental Sector in 2020
In this two-minute read, we look at how the private rental sector changed in 2020.
2020 is the year the property world’s most famous mantra – location, location, location – was replaced with a new motto: space, space, space.
In the past, if tenants couldn’t afford a spacious property in a great location, they tended to opt for location and compromise on space.
It was better, most people thought, to have a shorter commute and less living space (after all, most of us practically lived at the office anyway, right?).
Well, Covid-19 put paid to that. Living and working through a pandemic means that many tenants now prioritise space – indoor and outdoor – over proximity to public transport and the office.
According to Rightmove, two-bedroom houses have replaced studio flats as the most in-demand property type, as renters look for a spare room or office to work from home.
Meanwhile, Savills reports that 96% of letting agents are getting more enquiries for properties with gardens.
But the race for space wasn’t the only property trend of 2020. Here are a few others:
Pet-friendly properties – We all went gaga for puppies and kittens during lockdown, resulting in increased demand for rental properties that allow tenants to keep pets. If you’re a landlord who previously had a firm no pets policy, it may be worth reconsidering if the tenant ticks all the boxes. It’s a great way to build loyalty with a five-star tenant.
Storage is a winner – Many millennials don’t own a car, but take their pastimes – cycling, paddle boarding, electric scooting – very seriously. Having a separate space such as a shed or lock-up where they can keep their kit is highly desirable.
Green theme – Many tenants are impressed if a property has double glazing, insulation, or photovoltaics. Not only do they welcome these features from an environmental perspective, cash-conscious renters like the lower energy bills that come with them.
Fast internet connection – With more and more people working from home (WFH), good broadband is a must, especially if more than one professional lives in the property. During lockdown, some renters had to have a WiFi rota with their flatmates because the connection was so poor only one person could be online at a time. In the modern world, access to a cracking internet connection is vital.
Marketing advice
If your property has some or all of these desirable features, make sure you shout about them in your marketing. And even though we’ve highlighted how vital space is, that doesn’t mean that location is irrelevant – just don’t solely view it in relation to workplace connectivity.
Use your marketing to paint a picture of the lifestyle that a tenant in your property could lead. Farmers markets, allotments, cycle paths, parks, and nature reserves are all big winners.
If you’d like more advice on how to market your rental property in 2021, get in touch with us here at Millbanks.
Copyright 2020 Millbanks of Attleborough, Norfolk