Bigger homes don’t necessarily equal to a happier homes. Other aspects of a living space can have a significant impact on well-being. In the wake of COVID-19 pandemic, there was a significant effect on what we want from a home, with time spent away from the office and the prospect of hybrid working in the future changing buyer and tenant priorities. ‘Work from Home’ culture is one of the biggest contributors to these changing priorities. As all renters are now reevaluating their living situation, here are 5 tenant priorities to consider when making a buy-to-let investment:
1.Pet friendly
According to the Pet Food Manufacturers Association, over three million households have acquired a pet since the beginning of COVID-19. As per Google trends, search queries for ‘pet friendly rentals’, ‘pet friendly apartments’ and ‘pet friendly’ in the real estate category have all increased since lockdown ended. Despite almost half of UK households keeping a pet, a survey by SpareRoom found that 78% of renters had experienced difficulty finding a pet-friendly home. Young people are the main driver behind this with over half of new pet owners between 16 to 34 years old.
2.Out door space
Another trend emphasized by COVID-19; many city-centre renters are seeking access to outdoor space within their homes to support mental wellbeing. A new report by Shawbrook Bank, found that investors are targeting properties with gardens in an attempt to entice tenants. Data from over 700,000 users of the rental app, Movebubble, revealed that interest in terraces increased by 204% last year, highlighting the value of fresh air and a change of scenery. Research shows that just looking at scenes of nature is enough to significantly lower stress levels. Thus, new developments are adapting to this demand where possible, providing communal garden terraces and green areas for residents to enjoy.
3.Leisure amenities
Amenities such as a gymnasium, fitness studios and a swimming pool have also become a key priority for renters. Tenants are increasingly looking to find a balance between affordability and high-quality living areas, something investors should keep in mind when choosing a development. A gym alone can add great value to your buy-to-rent property and is a non-negotiable factor for many city-centre renters. Even if your investment can offer outdoor areas such as balconies or even a communal garden, you’re already supporting one of the top priorities for modern renters. Most purpose-built luxury apartments are now built with a resident-only state-of-the-art gym.
4.Close Knit Community
Talking of community, there was a distinct aura of positivity going on during lockdown: things like weekly clapping and local volunteer projects drove home a valued connection to those around us.
5.Broadband Connection
In covid as more people are working from home, relocating to somewhere without decent WIFI available would defeat the purpose of the move! With a 2,900% increase of daily zoom participants in 2020, developments that can offer high-quality internet access and communal working space are in high demand, offering home workers a change of scenery.
Thus, these trends are shaping the UK housing sector.
