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Landlords: Get To Know Your Demographic

25/09/18 by Herwald Sales & Lettings

It’s official – renting is not a young person’s game anymore. That’s what the Tenant Survey 2018 tells us, and it’s on good authority. LSL Property Services Group’s PRSim brand brought 3,700 perspectives together from across the nation, all of which represented tenants in the Private Rental Sector. It’s an amazing resource for landlords if they want to court trends in the market.

You can view the full report here. But the Herwald Sales & Lettings team have sat down with a cuppa and pored over it ourselves to save you the trouble. We’ve pulled out some highlights for you…

Flexible Professionals don’t like extra fees  

Let’s dive into worries over cost, which is often linked to Generation Rent’s sense of value and transparency. The survey asked people what they listed as a ‘key concern’ in 2018. Whilst rental costs are still the biggest issue, another is creeping up – tenancy fees, which rose to 34% of all answers.

Flexible Professionals were the top voters. Fees include admin, referencing and drawing up new contracts. Since this demographic tends to move a lot for work, that’s understandable. Landlords that want to appeal to this demographic should try and find an estate agent that can offer fair and transparent costs.

Budgeting Families want to see more outdoor amenities

Instead of clubs, bars, gyms and restaurants, Budgeting Families – those aged between 25 and 44, with kids living at home – prefer benefits they can use together in the local area.

That’s a major pointer for communicating why they should choose your property over another. By learning which parks, schools and museums are in the neighbourhood, landlords can attract young and semi-mature parents. In many cases, it’s just a case of spending time in and around the surrounding town, village or city.

Those who are Reconciled with Renting are staying for longer

It makes sense, doesn’t it? A Reconciled with Renting tenant, aged 45+ and either alone or in a couple, has a more stable idea of where they want to be in life. This is reflected in their average tenancy period of 5.8 years – the highest of the surveyed groups.

Of course, every tenant should be retained for as long as you’re able to keep them. Yet older residents are the most reliable. This demographic may appreciate moveable floor plans to freshen a space up, or the chance to have a pet.

Everyone likes room for DIY

Looking back to the list of key concerns, we can tell that DIY opportunities get people excited – something landlords are paying attention to. From 2017 to 2018, DIY restrictions fell from 38% to 33%. Renters want to make their own mark upon elements of their home so it feels totally unique.

It’s a good idea to hop on the bandwagon and allow your tenants to make some modifications. That kind of trust emboldens your rental market. Plus, it’s a quality that impresses every demographic, making it a wonderful thing to mention on a viewing for couples, mature renters, and young professionals alike…

Whilst these are national traits, they filter down to a local level. Herwald Sales & Lettings can tweak a rental offer so that it matches the crowd you’re hoping to get. With our advice, and decades of experience in Greater Manchester, we’re your best partner for a personable, smart service that knows what tenants look for! Speak to our team for more details.

 

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