PRSim, a PRS and Build to Rent Consultancy and Operational Management business and a member of the LSL Property Services plc (LSL) group of companies, has highlighted the need for investors and developers to be more flexible in their approach to tenants and to question preconceived ideas they may have about their age and aspirations.
PRSim released the results of its latest annual tenant survey, designed to not only gather vital information about why tenants rent property, bearing in mind their life stage, but also determine their rental priorities and future intentions with the aim to assist those in the Build to Rent market to respond to their needs.
The survey, conducted in March and completed by 3,700 tenants across the UK, identified three core principles it believes agents, landlords and developers should adopt and how these can be adapted according to one of four life stages the tenant may be at.
The principles identified the need to redefine the rules of renting, to tailor and target new build initiatives more to the needs of tenants and to foster stronger dialogues with them to make the tenant’s renting experience more successful.
David Bond, Head of PRS & Build to Rent at PRSim said, “We’ve been able to identify strong evidence that suggests that assisting tenants to budget and plan for their future, involving them more in the design of new living concepts and ensuring a strong, open dialogue with them, is vital to the long term health of the lettings market.
Tenants have different priorities dependent on their life stage and, while many could be guilty of assuming that renting is only for the young, there is vast and growing demand from tenants of all ages and, increasingly, from older renters who are reconciled – and happy – to rent in the longer term.”