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.