fbpx

Two thirds of tenants say affordability most important factor

Jake Carter

November 24, 2020

shared rental

Two thirds of tenants believe that affordability is the most important factor when renting, according to Kinleigh Folkard & Hayward (KFH) Annual Tenant Barometer.

The data also showed that 82% of tenants feel that they have security over tenure in their rental homes, and 71% are happy with their rented home.

The average lease length now sits at 22 months, with 38% of tenants surveyed preferring leases of 18 months or more, whilst over a third seek leases of three years or more.

In addition, 58% of tenants believe outdoor space is now important.

This is as a result of tenants increasingly working from home due to the coronavirus pandemic, noted Kinleigh Folkard & Hayward.

Over half (51%) of tenants are reconsidering their commute time, with them intending to move further out of urban areas.

Over 2,000 tenants across London were surveyed as part of the annual tenant barometer.

Carol Pawsey, group lettings director at KFH, said: “The pandemic has not only changed how and where we live, but also how and where we work.

“Tenants want to feel under less financial pressure, and the rental market gives them more flexibility to adjust their living space and environment to suit their different needs.”

Paul Masters, group operations director at KFH, added: “It is too early to tell if tenants will trade off commute times against the internal and external space advantages of living slightly further out long term, but tenant sentiment is likely to keep shifting as we move through the next few months.

“Build to Rent (BTR) schemes are often situated away from central London in the outer zones, so an increase in demand will be good news for landlords and BTR operators, and will help shape leasing strategies to optimise this.”


Sign up to our daily email