Tenants expect more from landlords
Recent studies suggest that tenants in the United Kingdom are now more demanding and discerning than before when it comes to the interior décor of their rental properties. This trend is especially apparent in parts of London where there is now an oversupply of private dwellings for rent. As a growing number of Britons decide to rent, rather than purchase their first home during difficult market conditions and an international financial crisis, many have higher expectations of their landlords than ever before.
Jo Eccles, who works for Sourcing Property, noted that less than a year ago nearly 80 percent of her clients intended to purchase a home, rather than rent. Now around 80 percent of the estate agent’s clients are looking to find a rental property instead, but many of them are very specific about what they expect to receive. More well-to-do professional couples and single Britons are now choosing to rent from private landlords due to the difficulty of obtaining mortgages and the continued falling value of houses in the UK. Many of these renters are willing to pay higher rents, provided that they receive quality in return, including renovated kitchens and bathrooms, flats stripped of dated wallpaper and new 21st century appliances. Landlords who are able to deliver stand to benefit from a more prosperous tenant clientele.
The best time to renovate may be when an older tenant has moved out. Experts agree that it is always most important to renovate kitchens and bathrooms, as these are selling points in a flat or in a house. Additionally, lighter paint on walls—instead of wallpaper—gives a cleaner feel and can make small rooms appear more spacious.
Thank you to the London Times for the initial report.