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Unlocking Insights: A Deep Dive into the Preferences of UK Tenants
UK Tenant Insights & Preferences
In a recent comprehensive survey conducted by JLL, 1,400 residents from across the UK shared their perspectives on various aspects of their living arrangements, preferences, and what they value most in their homes. Here's an exploration of the key findings that shed light on the evolving landscape of UK tenant preferences:
Getting to Know UK Tenants:
The survey covered a diverse group of UK residents, with 47% residing in the bustling metropolis of London and 53% spread across the rest of the country. The vast majority of the survey participants were under the age of 45 (89%), highlighting the prominence of younger demographics in the rental market.
When it came to living arrangements, 73% of respondents either lived alone or with a partner. Furthermore, a substantial 71% of respondents didn't own a vehicle, with an even higher percentage of 81% in London opting for alternative modes of transportation.
The Moving Landscape:
The survey revealed that 42% of tenants were contemplating a move within the next year, with an additional 28% considering a move within the next two years.
Interestingly, a significant 64% expressed their intention to continue renting with their next property, while 26% were exploring the possibility of homeownership.
Motivating factors for these moves included aspirations to buy a property, seek better locations or neighbourhoods, career or educational changes, the need for more spacious accommodations, and the quest for more affordable living.
The Energy Efficiency Imperative:
In today's environmentally conscious world, a remarkable 76% of respondents indicated that energy efficiency had become increasingly important in their housing choices compared to the previous year.
Looking ahead, a resounding 90% affirmed that energy efficiency would be a pivotal factor in deciding their next dwelling.
The driving force behind this focus on energy efficiency was primarily economic, with 69% citing the desire to save on energy bills, followed closely by 28% who aimed to reduce their carbon footprint.
Notably, newer homes lead the way in energy efficiency, with the ONS reporting an impressive 85% achieving the highest energy efficiency levels, denoted as EPC A or B. In contrast, just 4% of older homes managed to attain this status.
Interestingly, only 1% of tenants enjoyed the benefit of having their
bills included in their rent, despite Rightmove reporting that inclusive bills are a rising priority and one of the top searches for those seeking for somewhere to live on the property search portal.
The Rise of Flexible Working:
The survey also highlighted the evolving nature of work, with 70% of respondents indicating that they worked from home at least one day a week. A significant 72% balanced their work between home and office. Meanwhile, 28% of tenants still adhered to the traditional full-time in-office work model.
Amenities Aplenty:
The survey examined the usage of various amenities offered by residential properties, revealing intriguing insights:
- Gym: 81% use the gym either regularly or occasionally
- Pool: 66% used the swimming pool regularly or occasionally
- Communal Lounge: 63% used the residents lounge regularly or occasionally
- Co Working: 54% used the co working space regularly or occasionally
- Roof Terrace: 62% used the roof terrace regularly or occasionally
- Private Dining: 50% used the private dining space regularly or occasionally
- Cinema: 52% used the cinema regularly or occasionally
Other Living Considerations:
When it comes to selecting their next home, a staggering 93% of tenants deemed broadband speed as very important.
The local neighbourhood and surroundings were paramount to 98% of respondents, profoundly impacting their well-being and overall happiness.
Convenience reigned supreme, with 92% emphasising the importance of proximity to transportation.
Retail therapy and leisure pursuits held sway over 84%, who insisted on being within easy reach of shops and entertainment.
Having an outdoor area nearby was also desired, as 81% expressed a preference for residing near a park or green space.
The quality of pubs and restaurants also mattered to 70% of respondents.
Lastly, 59% sought a sense of community, and 52% wished to remain close to family and friends.
These findings provide a fascinating glimpse into the evolving landscape of tenant preferences in the UK, offering valuable insights for renters, real estate agents, co living/BTR property developers and operators as they navigate the changing tides of housing and living expectations.
