Living close to work or university is a key priority for renters, especially among young professionals, showing the continued demand for rental properties in city centre locations.
GoCompare, a comparison website, has recently gathered data on tenants and landlords across the UK. The tenants were surveyed on what they deem important in rental properties, and then statistics were gathered on what landlords are offering on Rightmove.
The data on tenants were collected from 1,000 renters across one month, and it was compared to 1,546 rental listings on Rightmove. Although this is a small proportion of the overall UK property market, it highlights the importance of targeting the right location and amenities that attract UK tenants.
What features millennials prioritise in rentals
In GoCompare’s survey, the vast majority of millennials stated it was very important or at least somewhat important to rent a property close to their work or university, typically in prime city centre locations. In fact, 47.83% of tenants aged 18 to 24 found living near work or university very important, while 44.22% of renters aged 25 to 34 said it’s somewhat important. On top of that, 44.44% of all the renters surveyed thought close proximity to social activities, restaurants, and bars are somewhat important. Young adults especially prioritised it with 50.43% of tenants aged 18 to 24 deeming it somewhat important and 50.58% of the 25 to 34 age range.
The statistics also suggest younger renters are wanting to rent one or two-bedroom homes or flats instead of studios. Forty percent of tenants aged 18 to 24 said the number of bedrooms in a rental is very important and 45.38% of tenants aged 25 to 34 agreed. Additionally, it’s been forecasted that eco-friendly investments might attract more millennials to your property, and many young adults aged 25 to 34 prefer unfurnished rentals. It’s important to cater to tenant demands to attract and retain UK renters to your buy-to-let property.
Overall, tenant demand has increased while supply has fallen, creating openings in the rental market. Numerous studies have shown city centre living is extremely popular among young adults, highlighting why buy-to-let investors should prioritise modern accommodation in city centre locations.
