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What Are Tenants Looking For in a Rental Property in 2024?

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    Barclays Research Reveals Must-Have Features for Rental Homes

    A new report from Barclays reveals the top 10 ‘deal-breakers’ for renters when searching for a rental property.

    Barclays Property Insights combines transaction data from Barclays’ current accounts and consumer research to give an in-depth look at UK housing costs and trends. Data sourced from millions of Barclays current accounts shows that spending on rent and mortgages rose 1.5% annually in June.

    This shows a stabilisation in the market compared to the previous hikes in rent and mortgage payments seen over the past year. Consumer confidence also showed signs of recovery, and British people feel more optimistic about their ability to live within their means (up one percentage point to 73%).

    This latest report also examines what renters look for when searching for a property to live in by asking them to share their deal-breakers in a survey.

    The North West Region Is Forecast to See the UK's Highest Five-Year Capital Growth Rate in 2025 and Beyond!

    Read more about this in our guide to the latest Savill's Residential Property Market Forecast and learn which UK regions to consider for buy to let investment.

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      What Features Do Renters Consider Deal-Breakers?

      The biggest deal-breaker for home-hunting renters is damp or mould, with 46% of surveyed renters saying they wouldn’t consider renting a property with damp or mould present. A third of the participants viewed access to a living room (34%) and outdoor space (32%) as a must-have. 32% also feel double-glazing is necessary, while 24% demand fast internet in their rental home.

      These features were followed by a pet-friendly policy (23%), off-street parking (21%), large bedrooms (17%), likeability of landlord or agents (17%), and non-overlooked property and privacy from neighbours (16%).

      Barclays’ report includes input from TV property expert Phil Spencer, who commented: “Landlords face competition when it comes to appealing to top-tier renters, who can offer more than simply matching the asking price – a little investment now to secure stable, long-term tenants could pay off if it means spending less money down the line on repairs and having fewer gaps between occupants.”

      Discover West One Manchester – Your Path to High-Yield Investments in 2025!

      Modern Salford living with stylish units, luxury facilities, 6% projected NET returns, and excellent capital growth. Secure your future in Manchester's booming property market now.

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      Are Modern Renters Looking for Premium Properties?

      While some of these factors are considered standard and have been at the top of renters’ priorities for years, some of these features hint at the growing demand for more premium properties among modern tenants. This has led to a rise in luxury property investment.

      Renters are increasingly looking for properties with access to an outdoor area. While this used to be harder to come by in a rental home, developers are responding to this trend, and many new-build apartment complexes offer private terrace areas for each unit and shared gardens that all residents can enjoy.

      Barclays states that checking off some of these items listed in the survey will help a landlord or developer appeal to as broad a range of applicants as possible. Tenants are also willing to pay more for properties with premium features and are likely to stay for longer, limiting void periods. This way, investors can get more out of their buy-to-let property by maximising rental income and ensuring long-term demand.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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