To better understand the customer motivations in the buy to rent sector, we commissioned our own research with one thousand people currently renting in the UK.
Here’s a snapshot of some of the key insights we discovered:
- Only half of renters feel like they’re getting good value for money.
- The main reason people move is to find a nicer home. This highlights the importance of providing a nice living environment to ensure the stickiness of the residents.
- Renting for many is for the long term and therefore should be treated as long term customers:
- 25% of 40-50’s and 20% of 32-40’s expect to always rent.
- 50% of 25-32’s expect it to be 3-7 years until they buy with 15% being unsure.
- For those aged 25-35, 56% said that having an app for the building would be a key decision maker
Which facilities are the most appealing?
Get the basics right first. Ensure the building has the fastest possible broadband and with us all shopping on Amazon, ensure you have a delivery facility which no longer has to be a person.
Which are the key factors when renting?
Security and safety are key factors. With security, there are many cost effective technology quick wins. Safety of an area should influence site selection as is a key reason.