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Not location, location, location .... but cost, location, parking says new survey
The study revisited the factors which affect whether someone will rent a property:
cost – 82% (up 10% from March 2013)
location – up by 18% in a year to 78%;
ease of parking – 41% (up 15% year-on-year);
while cost and location have remained the top two influencers on whether to rent a property, previously, the third most important factor was whether a property had a garden (March 2013) and the decor (October 2013);
92% of females said the cost was the most important factor, followed by location (83%). Previously, female renters felt both the cost and having a garden influenced where they would rent;
70% of males said that both the cost and the location were equally important, while nearly a third (30%) cited the property having a garden and getting on with the landlord as key deciders.
The study also asked how many rented properties the respondent has lived in during the past five years:
64% of renters have stayed for 5 or more years in the same property (over a quarter more than a year ago);
in October 2013, 15% of males had lived in 4 or more properties in the last 5 years (compared to 8% of females). As at April 2014, none of the respondents had lived in more than 3 properties.
Richard Burgess, Director at Cover4LetProperty, commented: “From a renters’ point of view, price is still the main driver, with location and ease of parking as other key considerations. The research also suggests that tenants are staying for a longer time in their rented homes, which is great news for landlords looking for the longevity of good tenants”.
*Independent study carried out for Cover4LetProperty by Usurv March 2013, October 2013 and April 2014.