A study of 500 landlords and over 1,000 tenants on behalf of insurance provider Endsleigh the insurers has found that 90% of landlords go “above and beyond” what is expected of them to make their tenants welcome and keep them happy.
Most tenants said they are satisfied with their rental homes, while two-fifths (41%) of landlords said they would unreservedly go the extra mile to keep their tenants happy.
With growing competition – which is likely to increase in some locations with the entry of large-scale investors – to attract really good tenants more landlords are now going out of their way to provide them with good quality homes, more up-market modern facilities and an overall better renting experience.
The private rented sector (PRS) has been transformed over the last 20 years or so, both in scale and the quality of housing it represents. While tenants demands and expectations are far greater than they were 20 years ago, standards have improved to meet these demands, with enterprising private landlords competing to stay ahead to attract and keep good rent paying tenants.
While private tenants have come to expect excellent facilities, including modern kitchens and bathrooms, showers and microwaves, and double-glazing as standard, many landlords are now going beyond this to offer great customer service levels.
Good quality tenancy management ensures that the tenants’ requirements are met if full, for example, by making sure the accommodation has good energy efficiency standards and responses to quality maintenance and repairs requests are met with speed, efficiency and courtesy.
Around a third (28%) of landlords responded by saying they are willing to cover the cost of rent rises – to not impose a rise – in order to keep reliable tenants in their properties for longer. Forty per cent were willing to redecorate for long term tenants if they requested it.
The study found that many tenants would value reliable and fast internet broadband as the most important aspect when searching for a property to rent.
Although nearly 80 per cent of tenants feel protected by the Government, this feeling is not the same for landlords, given the recent changes in tax and other legislation, much of which is seen as anti-landlord, and from a Government most landlords thought was pro-business.
Landlords’ main gripes include poor tenants and damages, their biggest concern, with having their property vacant for too long and the rising cost of maintenance coming next.
Despite the negatives, an overwhelming majority of landlords (67%) think the benefits of being a landlord outweigh the time and trouble involved in renting out their properties. 12 per cent of landlords claim to use rent as their main source of income, and over a third (36%) plan to use 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.”
Study shows landlords going the Extra Mile https://t.co/AYeaRbO6mU
— LandlordZONE (@LandlordZONE) June 20, 2016