Most tenants are satisfied with their rental homes, as landlords continue to go the extra mile to ensure renters are happy, according to a new study.
With growing competition to attract good tenants, more landlords are now going out of their way to provide renters with good quality homes and a better renting experience.
Greater demands and expectations of prospective tenants have pushed up standards in the private rental sector, with savvy landlords attempting to stay ahead of the competition by offering better accommodation.
Tenants Satisfied with Rental Homes as Landlords Go the Extra Mile
A study of 500 landlords and over 1,000 tenants on behalf of insurance provider Endsleigh found that 90% of landlords have gone above and beyond what is expected to make their tenants welcome, while two-fifths (41%) say they would unreservedly go the extra mile to keep their tenants happy.
While private renters now expect good quality fixtures and fittings, modern kitchens and bathrooms, and double-glazing as standard, many landlords are now doing more to ensure that tenants’ requirements are met, from good energy efficiency to high quality maintenance and repairs. As a result, a huge 83% of tenants are happy with their current landlord.
Hoping to keep their tenants happy, around a third (28%) of landlords say they will cover the cost of rent rises to keep reliable tenants in their property for longer, while two in five (40%) would redecorate at their tenant’s request.
Landlords looking to attract a trustworthy, long-term tenant may be interested to learn that, after a realistic rent price for the area, tenants consider the installation of reliable Wi-Fi as the most important thing before moving into a property.
However, the study also found that many landlords feel hard done by the Government, with almost half (47%) claiming that the Government is not doing enough to protect landlords, insisting that it favours tenants.
Despite this, over three quarters (78%) of tenants do not feel protected by the Government, especially from rogue landlords that may put them in danger.
Poor tenants and damages has been ranked as the biggest concern for landlords (20%), ahead of having their property vacant for too long (19%) and the rising cost of maintenance (15%).
Despite these worries, over two thirds (67%) of landlords believe that the benefits of being a landlord outweigh the time and hassle involved in renting out property, with 12% of landlords using rent as a main source of income, and over a third (36%) using their lettings business as a way to fund their retirement.
The Head of Property at Endsleigh Insurance, David Hadden, comments on the findings: “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. It’s obvious that landlords are doing what they can to create the best accommodation possible.
“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.”