London tenants most concerned about price
Two thirds (66%) of London tenants say affordability is the most important factor when they’re looking to rent.
Unsurprisingly three in five (58%) believe outdoor space is now more important.
The research comes from Kinleigh Folkard & Hayward’s Annual Tenant Barometer.
Carol Pawsey, group lettings director at KFH, said: “The pandemic has not only changed how and where we live, but also how and where we work.
“Tenants want to feel under less financial pressure, and the rental market gives them more flexibility to adjust their living space and environment to suit their different needs.”
Despite 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.
Two in five (38%) of tenants surveyed prefer leases of 18 months or more, with over a third seeking leases of three years or more.
Paul Masters, group operations director at KFH, said: “It is too early to tell if tenants will trade off commute times against the internal and external space advantages of living slightly further out long term, but tenant sentiment is likely to keep shifting as we move through the next few months.
“Build to Rent (BTR) schemes are often situated away from central London in the outer zones, so an increase in demand will be good news for landlords and BTR operators, and will help shape leasing strategies to optimise this.”