With growing competition to attract the best tenants, more landlords are now going out of their way to provide an enhanced tenant experience and improve the quality of rental stock on offer, new research shows.
Greater demands and expectations of potential tenants have had the overwhelming effect of increasing standards, and more savvy landlords now anticipate this by attempting to stay ahead of the competition by providing better standards of rental accommodation.
The research of 500 landlords and over 1,000 tenants on behalf of insurance provider Endsleigh reveals that 90% landlords surveyed have gone above and beyond to make their tenants welcome, and two-fifths (41%) say they would unreservedly “go the extra mile” to keep their tenants happy.
While people now expect as standard good quality fixtures and fittings, modern kitchens and bathrooms and double glazing, many landlords are now doing more to ensure that the requirements of tenants are met, from good energy efficiency levels to good management of maintenance and repairs, which partly explains why more than three quarters (83%) of tenants surveyed said they were happy with their current landlord.
In the spirit of keeping tenants happy, almost a third (28%) of landlords say they would absorb the cost of rental increases to keep reliable tenants in their property for a longer period and two in five (40%) landlords saying they would redecorate at their tenants’ request.
Landlords seeking to attract reliable, long-term tenants may be interested to learn that after a realistic rental price for the area, tenants consider the installation of reliable Wi-Fi the most important thing before moving-in to a property (32%).
Many landlords feel hard done by the government, with almost half of landlords (47%) insisting that the government is not doing enough to protect landlords, saying that the government favours tenants, with almost a fifth (17%) of those surveyed feeling that current rental contracts do not adequately protect them.
However, over three quarters (78%) of tenants also do not feel that the government is doing enough to protect them, especially from landlords who may put them at unnecessary risk, particularly at occurrences of unexpected costs or legal proceedings.
‘Poor tenants and damages’ ranked as the biggest current concern to landlords (20%) before having their property vacant for too long (19%) and the rising cost of maintenance (15%).
Despite all this, over two thirds (67%) of landlords surveyed agree that the benefits of being a landlord outweigh the time and hassle involved in processes, with 12% of landlords surveyed using rent as a main source of income with over a third (36%) using this as a way of planning for their future after retirement.
David Hadden, head of property at Endsleigh Insurance, said: “Despite their ongoing differences about who is treated more fairly, it’s clear that Generation Rent has made a big impact on landlord decisions. Tenants are showing more authority than they previously did and expecting more too. It’s obvious that landlords are doing what they can to create the best accommodation possible.
“What’s most important is open communication, a clear understanding of who holds which responsibilities and a level of appreciation between each party so everyone can get along.”