A Build To Rent business says investors in the private rental sector should be more flexible in their approach to private rental sector tenants’ aspirations and demographics.
PRSim, the BTR arm of LSL Property Services, says its latest annual tenant survey reveals valuable information about why tenants rent property, bearing in mind their life stage and objectives.
The survey, which was conducted throughout March 2018 and completed by more than 3,700 tenants across the UK, identified three core principles it believes agents, landlords and developers should adopt and how these can be adapted according to one of four life stages the tenant may be at.
The three are the need to redefine the rules of renting, the need to tailor and target new build initiatives more to the needs of tenants, and the need to foster stronger dialogues with them with the aim to make the tenant’s renting experience more successful and the decision making process for BTR developers and investors much easier.
“Following the success of our previous tenant surveys – which unveiled interesting facts about who rents in the UK, and why – we’ve been able to, this year, identify strong evidence that suggests that assisting tenant’s to budget and plan for their future, involving them more in the design of new living concepts and ensuring a strong and open dialogue with them, is vital to the long term health of the lettings market” says David Bond, head of Build To Rent at PRSim.
The firm says what has become evident is that tenants have different priorities depending on the life stage they may be at; and that, while many could be guilty of assuming that renting is only for the young, there are vast and growing demand from tenants of all ages and, increasingly, from older renters who are happy to rent in the longer term.