Updated data* from landlord insurance specialists Cover4LetProperty reveals that for 77% of renters, the cost remains the most important deciding factor when choosing a rental property.
The eleventh in the series of surveys (carried out bi-annually from March 2013 to date) revisited the factors that influence whether someone will rent a property, and found the following were the top three:
- 77% of respondents say cost is the determining factor when choosing a rental property (down 11% from 6 months ago);
- 68% also said that the location (a decrease of 11% over the last 6 months);
- having a garden is important to 48% of renters (up 7%).
Interestingly, ease of parking – which 6 months ago was the third most important factor where choosing to rent – dropped by 23% down to 24%, suggesting that it is less important than whether pets are allowed (up by 4% to 32%).
Commenting on the study, Richard Burgess, Director at Cover4LetProperty says:
“In February, Labour said it wanted to implement a default right for tenants to keep a pet in their rental properties. It appears that the party has found this is a popular choice for tenants and would be seen as a vote winner.”
“Regardless, landlords may want to consider their own policy on pets to see if it could help rent their properties now – or they are forced to change their policy by potential new Government legislation”.