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A new survey has found that affordability tops the list of tenant priorities in the buy to let property sector.
High rental costs mean that young renters are more than four times as likely to prioritise finding a cheap rental home than one with access to nightlife, shops and restaurants, according to a survey of over 2,000 tenants across the UK.
Affordability was revealed as top of tenant priorities for renters of all ages in the survey conducted by Intus Lettings, which paints a clear picture for landlords of which characteristics could make a property stand out to would-be tenants.
Over 40 per cent named low costs as the most important factor, compared with only 8 per cent prioritising nearby amenities, bars and restaurants or public transport links.
When it came to property features, outdoor space featured highly on the list of tenant priorities, with nearly half (46 per cent) naming a garden, terrace or balcony as the feature they’d desire most in a property.
Features that put would-be renters off were lack of parking (40 per cent) and dated interiors (24 per cent).
Desired location varied according to age group, with a third (34 per cent) of 18-24-year-olds attracted by city centre apartments, while over-35s named a house in a smaller town as their ideal location.
Lettings Manager at Intus Lettings, Hope McKendrick, said: ‘Our figures seem to suggest that renters first and foremost seek practicality over certain features which have traditionally been seen as desirable – especially to younger tenants – such as nearby shops and restaurants or a vibrant nightlife.
‘With high rental costs across the UK, many young renters may be forced to prioritise a property which works around their budget and daily routine, as tenants flock to homes which provide ample parking or easy access to city centre jobs or studies.’
Hope added: ‘We’re seeing a clear trend towards a generation of practical renters – those looking for a convenient, modern-feeling home rather than exciting but potentially costly surroundings.’