The property world’s most famous mantra – location, location,
location – has been replaced through 2020 with a new motto: space,
space, space.
In years gone by if tenants couldn’t afford
a spacious property in a great location, they tended to compromise on
space and opt for location. Thinking being, shorter commute and less
living space, not a problem as we spend a lot of time in the office!!
Well,
Covid-19 has changed that mindset as living and working through a
pandemic means that many tenants now prioritise space – indoor and
outdoor – over proximity to public transport and the office.
Reinforcing
this are Rightmove, who report that two-bedroom houses have replaced
studio flats as the most in-demand property type, as renters look for a
spare room or office to work from home.
In addition, Savills reports that 96% of letting agents are getting more enquiries for properties with gardens.
Other notable trends throughout 2020 have included:
- Fast
internet connection – With more and more people working from home, good
broadband is a must, especially if more than one professional lives in
the property. In the modern world, access to a top-rated internet
connection is vital. - Pet-friendly properties – Lockdown
has seen a surge in demand for puppies and kittens which in turn has
resulted in increased demand for rental properties that allow tenants to
keep pets. If you’re a landlord who previously had a firm no pets
policy, it may be worth reconsidering if the tenant ticks all the boxes.
It’s a great way to build loyalty with a five-star tenant. - Storage
– Many millennials don’t own a car, but take their pastimes – cycling,
paddle boarding, electric scooting – very seriously. Having a separate
space such as a shed or lock-up where they can keep their kit is highly
desirable. - Green credentials – Many tenants are impressed
if a property has double glazing, insulation, or photovoltaics. Not
only do they welcome these features from an environmental perspective,
cash-conscious renters like the lower energy bills that come with them.
Marketing your property
So, if you have a
property that has some or all of the desirable features mentioned above,
make sure you shout about them in any marketing you do.
Location isn’t irrelevant – just don’t solely view it in relation to workplace connectivity.
Finally, if you’d like more advice on how to market your rental property in 2021, get in touch with us here at Martin & Co.
