What are tenants looking for in 2023?
The past couple of years has seen demand for rentals increase significantly, and it’s only going to continue rising in 2023. While this means there is a wider variety of tenants on the market, there are still certain tastes and trends that landlords should keep an eye on.
The rise in cost of living is on everyone’s minds, especially tenants moving in to a new property where they won’t know what the bills are going to be like. With gas and energy prices changing at such a rapid rate, it won’t be possible for you to give prospective tenants an estimate of what their bills will look like based on previous years. However, what you can do is emphasise the energy efficiency of your property. Tenants will want properties that are as insulated as they can be, that there’s no obvious drafts for heat to escape from, and that the boiler is working and efficient.
Traditionally pets have been less common on the rental market, but as more and more tenants are becoming pet owners, opening up to pets could be beneficial. It would open up your pool of potential tenants, and you can ensure the tenant gets pet and contents insurance to put your might at ease regarding any potential damage.
Since the pandemic working from home has become increasingly common, especially for young professionals. This has left many renters wanting more space in their homes to work. For renters in HMOs (Houses in Multiple Occupation) this could be a desire for a bigger bedroom space, while tenants who rent whole properties may want an extra bedroom.
A lot of rental properties, particularly HMOs or homes in urban areas, don’t have easy access to parking. This makes rental properties that do have parking access highly desirable on the lettings market. Off-street parking is particularly in demand as it provides a bit of extra security and means they don’t have to fight for on-street parking.
If you’re interested in buying your first rental property, or are a landlord looking to expand their portfolio after looking at this list we recommend going to check out buy-to-let mortgage page.