Five Things That Changed in the Rental Sector in 2020 - What's Happening? Book a Property Valuation

Five Things That Changed in the Rental Sector in 2020

Five Things That Changed in the Rental Sector in 2020

Market News Default Author 28th December 2020

In this two-minute read, we look at how the private rental sector changed in 2020.

 

2020 is the year the property world’s most famous mantra – location, location, location – was replaced with a new motto: space, space, space.

 

In the past, if tenants couldn’t afford a spacious property in a great location, they tended to opt for location and compromise on space. 

 

It was better, most people thought, to have a shorter commute and less living space (after all, most of us practically lived at the office anyway, right?).

 

Well, Covid-19 put paid to that. Living and working through a pandemic means that many tenants now prioritise space – indoor and outdoor – over proximity to public transport and the office.

 

According to Rightmove, two-bedroom houses have replaced studio flats as the most in-demand property type, as renters look for a spare room or office to work from home.

 

Meanwhile, Savills reports that 96% of letting agents are getting more enquiries for properties with gardens.

 

But the race for space wasn’t the only property trend of 2020. Here are a few others:  

 

Pet-friendly properties – We all went gaga for puppies and kittens during lockdown, resulting in increased demand for rental properties that allow tenants to keep pets. If you’re a landlord who previously had a firm no pets policy, it may be worth reconsidering if the tenant ticks all the boxes. It’s a great way to build loyalty with a five-star tenant.

 

Storage is a winner – Many millennials don’t own a car, but take their pastimes – cycling, paddle boarding, electric scooting – very seriously. Having a separate space such as a shed or lock-up where they can keep their kit is highly desirable.

 

Green theme – Many tenants are impressed if a property has double glazing, insulation, or photovoltaics. Not only do they welcome these features from an environmental perspective, cash-conscious renters like the lower energy bills that come with them. 

 

Fast internet connection – With more and more people working from home (WFH), good broadband is a must, especially if more than one professional lives in the property. During lockdown, some renters had to have a WiFi rota with their flatmates because the connection was so poor only one person could be online at a time. In the modern world, access to a cracking internet connection is vital.

 

Marketing advice

If your Sawbridgeworth and Bishop’s Stortford property has some or all of these desirable features, make sure you shout about them in your marketing. And even though we’ve highlighted how vital space is, that doesn’t mean that location is irrelevant – just don’t solely view it in relation to workplace connectivity.

 

Use your marketing to paint a picture of the lifestyle that a tenant in your property could lead. Farmers markets, allotments, cycle paths, parks, and nature reserves are all big winners.

 

If you’d like more advice on how to market your rental property in 2021, get in touch with us here at Mackay Property Agents.

 

Copyright 2020 Mackay Property Agents

 

Wonder what your home is worth - click the link below to find out.

http://bit.ly/3qWqzYy

We are proud members of The Guild of Property Professionals

Contact us
t: 01279 600 567

e: sales@mackayproperty.co.uk

Mackay Property HQ
25 Bell Street
Sawbridgeworth
CM21 9AR

 

Mackay Property T/A
Mackay Property Agents Limited. Registered in England.  Company No: 7150877.  Registered Office Address: 25 Bell Street, Sawbridgeworth, Hertfordshire, CM21 9AR.   Mackay Property Lettings Limtied 
Registered in England.  Company No: 7235073.   Registered Office Address: 25 Bell Street, Sawbridgeworth, Hertfordshire, CM21 9AR.   All rights reserved. Terms and Conditions Privacy Policy Cookie Policy