With Generation Rent constantly growing in the UK’s property market, landlords are slowly understanding a generation’s value when it comes to their investment.
Insurance provider Endsleigh recently revealed in a survey that 90% of all landlords have gone out of their way to make their tenants feel welcome. In addition to that, 41% say they would certainly “go the extra mile” to keep their tenants happy.
For their study on landlord-tenant-relationships, Endsleigh surveyed 500 landlords and 1,000 tenants.
Half of Britain’s landlords said they were very happy with their current tenants. This positive feeling is reflected back by tenants with 83% saying they were with their current living situation.
Landlords are overall committed to keep their tenants happy, with 28% saying they would cover rental cost increases themselves to keep reliable tenants in their property for longer. And a total of 40% also said they would redecorate according to their renters request.
Landlords think a realistic rental price is the most important factor for renters, followed by a professional clean prior to their move in. Tenants, on the other hand, think the biggest pro is reliable Wi-Fi to be installed before moving in.
When asked about the Government’s involvement in the property market, both parties answered they were feeling like they weren’t protected properly. Almost half of landlords (47%) think the the Government isn’t doing enough to protect them and is favouring tenants instead. A total of 17% fells that the current rental contracts do not adequately protect them.
More than three quarter (78%) of tenants, however, do not feel like the Government is protecting them properly from any unnecessary risk landlords might put them in, like unexpected costs or legal proceedings.
The top three concerns for landlords, according to the survey, are poor tenants and damages (20%), the property being vacant for too long (19%) and the rising cost of maintenance (15%).
Despite those concerns, 67% of landlords think that the benefit of being a landlord outweighs the time and hassle that goes into the process. Over 12% of the surveyed landlords stated rent as their main source of income.
David Hadden, Head of Property, Endsleigh Insurance said: “Despite their ongoing differences about who is treated more fairly, it’s clear that Generation Rent has made a big impact on landlord decisions. Tenants are showing more authority than they previously did and expecting more too. It’s obvious that Landlords are doing what they can to create the best accommodation possible.”
“What’s most important is open communication, a clear understanding of who holds which responsibilities and a level of appreciation between each party so everyone can get along.”
