Landlords: Tenants value affordability above all other factors

Landlords: Tenants value affordability above all other factors

As a landlord, knowing what your potential tenants will value in a property can be the difference between letting out your house or flat easily and toiling to get someone in. A new survey published this week by Knight Frank has sought to address this issue, exploring what tenants look for when browsing properties. 

And while things like location and property type were the most important for some people, landlords may be surprised to learn that for the vast majority of tenants in all UK regions, the single biggest factor when it came to choosing a place to rent was affordability. 

Overall, Knight Frank's first UK Tenant Survey discovered that around two-thirds of all respondents will have affordability as their most pressing concern when it comes to renting, compared to a quarter who think location is most vital and ten per cent who value property size most of all.

This is an important consideration for landlords, especially with rental prices having recently hit yet another all-time peak. It can be tempting when demand remains high to increase prices time and again, but it can be just as positive a move to make sure that your property is affordable. 

The average maximum that people said they are willing to spend on a rented property is 40 per cent of their wage, and keeping this in mind as a landlord can mean that you have a better chance of attracting someone to live in your home. While higher prices might bring a better yield, they are of less use if they are turning people away. 

"Even if their income rises, there is still a natural limit to what tenants are prepared to pay on rent," said the report. 

Away from affordability, another key concern that landlords need to be making surrounds location. Some 55 per cent of respondents said that living near to their workplace was important when they are choosing a new place. 

For London landlords, this can mean looking to buy in areas that are populated by offices and other workplaces, or even near to train and tube stations, which will also be attractive to those looking to work in the city.