Study: 69% of UK Renters Think They Have a Good Landlord

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Why Should Buy-to-Let Investors Consider Their Duties as a Landlord?

As a buy-to-let property investor, you must keep an eye on many spinning plates when buying investment properties to ensure a consistent income. During your property search, you’ll focus on property prices, rental yields, mortgage rates, regeneration potential, proximity to transport links and local amenities – not to mention many other things, such as finding the best place to invest in property in the UK. However, once the stars align and you find a property that matches your investment strategy, you must ask yourself – what comes next?

Once you own a property and that home becomes tenanted, investors must consider their relationship with the tenant.

A recent Aldermore study highlighted renters’ thoughts on landlords and the broader rental landscape.

Let’s get into it.

Find Out More: Check out our guide to buy-to-let in the UK if you want to know more about UK-based property investment.

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What Did the Aldermore Study Show About Renters in the UK?

Of the 2,000 surveyed, 26% of private renters said they’d lived at their current home for a year or less. Three-quarters mentioned they had struggled to find a suitable home in their most recent search.

This is typical of the 2023 housing market. Supply has been low due to unaffordability caused by higher inflation and mortgage rates, increasing tenant demand for fewer properties.

74% of renters feel they compete against more potential tenants when looking for a home. This led to 72% of renters extending the timeframe allocated to property hunting. Consequently, costs have risen, with 68% of private renters paying more than intended.

Meanwhile, 69% of renters said they had a good relationship with their landlord. Among these renters, 70% prioritise ease of contact. Making renting straightforward with minimal paperwork (41%) and freedom to make cosmetic changes to the property (41%) followed closely.

One of the best ways for buy-to-let landlords to facilitate a good relationship with their tenants is to consider using a letting agent. For instance, if you were to consider buying off-plan property, you would get the opportunity to purchase property in a good location for a discounted price. However, many developers also have a lettings management arm, which means landlords can have a more hands-off approach to investment, while an experienced lettings management company take care of the minutia of collecting payments, dealing with tenants’ needs, etc.

Elsewhere in the study, 77% of UK renters aren’t satisfied with the Government’s current support levels. Those aged 18-34 agree more than those aged 55 or above (80% vs. 71%).

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How Did Aldermore React to the Study on Renters?

“The relationship between landlords and renters is often presented as inherently challenging and dysfunctional, but as our research shows, this simply isn’t the case. Most private renters actually have a positive relationship with their landlord,” said Head of Mortgages at Aldermore, Jon Cooper.

But what about the other side of the coin? Investors should also consider how they feel about potential tenants.

When selecting a tenant, a landlord should prioritise several key factors.

Financial stability is crucial; a tenant should have a reliable income to ensure timely rent payments. A clean rental history, with no prior evictions or significant property damage, is equally vital.

Background and credit checks help assess reliability and trustworthiness, as well as a reliable guarantor, to ensure you limit potential void periods.

Communication skills and responsiveness are indicators of a tenant’s responsibility and ability to address issues promptly.

Additionally, references from previous landlords can provide valuable insights into the tenant’s behaviour and reliability.

Again, if you go through a lettings management company, a lot of these things will be taken care of. This will ensure landlords can focus on building a property portfolio further rather than dealing with the tenant search and putting off their investment strategy. Why not learn more about what is the safest investment in the property sector in 2024.

Discover more property investment research with our handy buy-to-let area guides, including:

Study: 69% of UK Renters Think They Have a Good Landlord