The findings of a survey conducted with 2,000 tenants give an insight into what renters want now, eight months on from the start of the pandemic.
The study was conducted within London by Kinleigh Folkard & Hayward, one of the capital’s largest lettings agencies.
- 66 per cent of tenants say affordability is the most important factor;
- 82 per cent feel they have security over tenure in their rental homes;
- 58 per cent believe outdoor space is now more important; and
- 71 per cent of tenants are happy with their rented home.
Despite all of the economic uncertainty the pandemic has created, there is a high demand for longer leases, and KFH data shows that the average lease length sits at 22 months.
Some 38 per cent of tenants surveyed prefer leases of 18 months or more, with over a third seeking leases of three years or more.
Alongside affordability, there has been a shift in other tenant preferences this year: as more people are spending time at home, 58 per cent of all tenants believe that access to private outdoor space is paramount.
In terms of working from home, optimal broadband speed is a key factor for 48 per cent of tenants, whilst a dedicated space to work is important for 44 per cent of tenants surveyed.
Many tenants are also rethinking their commute times, and this is a considerable factor for 51 per cent of respondents.
As a result, London tenants are happy to keep their options open when looking for a rental property. Some 44 per cent of tenants living in Zones 1 and 2 would consider moving to Zone 3, while 46 per cent of tenants in Zone 3 are open to moving to Zone 6 and beyond.
The Kinleigh Folkard & Hayward London Tenant Barometer 2020 was compiled using research based on survey responses from over 2,000 tenants currently privately renting in London.
KFH has 60 branches across the capital handling lettings, block management, financial services, survey professional services, commercial property services and property conveyancing.