London’s lettings sector is changing with tenants still wanting to buy but increasingly accepting they must rent for longer in the interim.
That’s the view emerging from a new survey conducted for London agency Kinleigh Folkard and Hayward.
It says that with tenancy length an increasingly important factor in tenant decision making, “it is vital landlords work with letting agents who understand these shifts in demand and can advise on strategies to attract and retain the most suitable tenants for their property or portfolio.”
KFH says some 80 per cent of private tenants questioned for its survey specified rental price as a key consideration when choosing their current property, up from 77 per cent last year.
Area of London (71 per cent), property size (58 per cent) and proximity to transport links (53 per cent)also increased in priority compared to last year.
This is in contrast to other considerations which tenants have deemed less important compared to last year.
Access to high speed internet is only seen as a priority by 10 per cent, down from 12 per cent last year, while having access to inclusive communal amenities such as gyms, dining areas and screening rooms were only seen as important by four per cent.
While rental price is the top priority for tenants across all age groups, it diminishes in priority the older tenants get – 85 per cent for those aged 18-24 compared to 74 per cent for those aged 55 or over.
The area of London, property size and proximity to transport links are all key considerations across all of the age groups.
However, bills being included in rent and the property being fully furnished are more important for younger renters (those aged 18 to 34), while for those aged 35 and above, tenancy length is deemed more important.