TV property guru Phil Spencer says landlords would be wise to make long-term investments despite their strong position in the current lettings market.

Commenting as part of a Barclays Bank survey of aspects of the private rental sector, Spencer says: “Landlords face competition when it comes to appealing to top-tier renters, who can offer more than simply matching the asking price – a little investment now to secure stable, long-term tenants could pay off if it means spending less money down the line on repairs and having fewer gaps between occupants.”

His remarks come in a Barclays Property Insights report showing that the cost of rent and mortgages stabilised considerably in June, increasing by just 1.5% year-on-year – the slowest rate of growth since March 2023 and well down on the 6.3% reported in May.

The report looks at tenants’ so-called ‘deal breakers’ – that is, what they demand as absolutely necessary in private rental properties. Barclays says: “Landlords and property developers looking to make their homes more attractive should consider whether they’re able to check off more of these items, in order to appeal to a broader range of applicants.”

The same survey shows that from a landlord’s perspective, the qualities most commonly cited as being mandatory in prospective tenants are cleanliness and proof of income (both 27%). One in three landlords also say they would accept less rent from existing tenants who look after the property, rather than finding new tenants who’ll pay more. In addition, one in four landlords would accept an offer below the asking price for an applicant that’s flexible on the move-in date.

Barclays adds: “In a crowded market – 20% of renters feel there is too much competition for rental properties in their area – those looking for an edge over other applicants should look to highlight these qualities in their applications, where relevant. Similarly, one in three landlords say that personal communication from prospective tenants would make them more likely to consider accepting their application. However, only a quarter of renters say they’re willing to try this, which gives applicants another opportunity to stand out from the pack.”