What tenants are looking for in 2024

Over the past few year there has been a significant increase in demand across the rental market. This past November, 71% of landlords reported a rise in tenant demand, which marks an all-time high over the last 12-year period. With a continued shortage of rental housing stock and more tenants coming to market, this trend is expected to persist into 2024.

If you’re a landlord considering taking advantage of the current rental market, now could be the perfect time to expand your property portfolio and grow your investments.

While there is a wide variety of tenants to choose from, it is important to ensure that your rental properties are as competitive as possible in order to maximize profits. To help give you a better idea of what is desirable on the market, we have compiled a list of the things most tenants are looking for in a rental property.
 

Pet-friendly properties

For both tenants and landlords, the long-delayed Renters Reform Bill has been the main topic of conversation over the past year. While there's no set date for the bill to be passed into law (and some parts have been indefinitely delayed), the bill has sparked discussions on a number of topics. This includes pet ownership in rented accommodation.

While pet ownership in the rental market has traditionally been less common, an increasing number of tenants are becoming pet owners. By allowing pets in your rental properties, you can expand your pool of potential tenants and make your property even more competitive. You can also ensure that tenants have pet and contents insurance to alleviate concerns about potential damage.

Furnishings

For a wide variety of reasons, from job changes to the movement of the rental market, tenants often move between properties every few years. Often these renters won't have their own furniture, or at least not enough to full furnish a home. Offering fully furnished properties cam attract tenants who prefer the convenience of moving into a fully furnished space. 

Energy efficiency

While energy prices have decreased since their peak in 2023, heating costs remain a top concern for tenants. Though it may be difficult to provide an exact estimate of energy costs to prospective tenants, you can emphasize the energy efficiency of your property. Tenants are looking for well-insulated properties, free from obvious drafts that allow heat to escape, and with good EPC ratings.

Parking spaces

As more people transition from remote work back to the office, more renters will require a car for their daily commute. Many rental properties, especially HMOs or homes in urban areas, often lack convenient parking access. This makes rental properties with parking highly sought after in the lettings market. Off-street parking, in particular, provides added security and eliminates the need to search for on-street parking.
 

If you’re interested in buying your first rental property, or are a landlord looking to expand their portfolio, contact our property management team for advice and help finding a property.