News
Landlords go the extra mile to attract the best tenants
As Generation Rent dominates the UK property market, there is increasing competition for landlords to attract the best tenants. New research from Endsleigh reveals that the vast majority (90%) of landlords surveyed have gone out of their way to make their tenants welcome, and two-fifths (41%) say they would “go the extra mile” to keep their tenants happy.
Insurance provider Endsleigh commissioned research of 500 landlords and over 1,000 tenants to find out what really drives the rental market.
The research shows that half (50%) of Britain’s landlords are very happy with their current tenants. The positivity is reflected by tenants; more than three quarters (83%) of tenants said they were happy with their current landlord.
It seems some landlords are trying hard to keep their tenants happy, with almost a third (28%) saying they would absorb the cost of rental increases to keep reliable tenants in their property for a longer period and two in five (40%) saying they would redecorate at their tenants’ request.
After setting a realistic rental price, landlords believe that the most important thing to attract tenants is a professional clean prior to moving in (37%). Tenants, on the other hand, think it is important to have reliable Wi-Fi installed (32%).
When it comes to the Government, landlords and tenants both feel hard done by. Almost half of landlords (47%) believe that the Government is not doing enough to protect their interests, with almost a fifth (17%) of those surveyed feeling that current rental contracts do not adequately protect them. At the same time, over three quarters (78%) of tenants do not feel that the Government are doing enough to protect them from landlords who may put them at unnecessary risk.
‘Poor tenants and damages’ ranked as the biggest current concern to landlords (20%), before having their property vacant for too long (19%) and the rising cost of maintenance (15%).
Despite all this, over two thirds (67%) of landlords surveyed agree that the benefits of being a landlord outweigh the time and hassle involved in processes, with more than one in ten (12%) of landlords using rent as their main source of income while over a third (36%) are using this as a way of planning for their future after retirement.
David Hadden, Head of Property, Endsleigh Insurance said:
“Despite their ongoing differences about who is treated more fairly, it’s clear that Generation Rent has made a big impact on landlord decisions. Tenants are showing more authority than they previously did and expecting more too.
“What’s most important is open communication, a clear understanding of who holds which responsibilities and a level of appreciation between each party so everyone can get along.“
