an etex building performance report · boost the uk’s housing supply. but with it, come ... with...
TRANSCRIPT
THE TENANT’S PERSPECTIVE
NOVEMBER 2018
WHAT TENANTS WANT An Etex Building Performance Report
B U I L D T O R E N T B U I L D T O R E N T62 3
INTRODUCTION
INTRODUCTION
A shortage of homes, a lack of affordability and a doubling
in the number of people living in inner cities are some of the
factors that have created a housing crisis in the UK.
As a result, the Built to Rent (BTR) industry represents a huge opportunity to
boost the UK’s housing supply. But with it, come
a number of challenges for BTR project designers and investors
to face. Not least, the need to make sure tenants are happy
with where they live in order to achieve higher occupancy
rates, improved retention and, as a result, better returns.
In response to this need, and as a trusted partner to the BTR
sector, Etex Building Performance has undertaken specific research to better
understand what tenants value in rental accommodation. The following report
and its conclusions are the result of face-to-face interviews and a survey of
203 young renting professionals.
TENANT RETENTION
Of the 203 renting professionals surveyed, 50 have being renting for at least 10 years since graduating. We asked the sample how many times they have moved in the last five years. We discovered that 32% of tenants have moved three times or more in the last five years. Out of those surveyed the main reasons for moving (other than cost) were for better location, more space and better quality property.
Any design considerations that will help to maximise space and improve build quality have the potential to increase occupancies and the duration of tenancies.
Simon Anderton, Design Director, 32, London
32%
46%
38%
34%
“ I KNOW THAT FLOOR SPACE HERE DOES COME AT A B IT OF A PREMIUM.”
SECTION 1
have moved 3 times or more in 5 years
have moved for better location
have moved for more space
have moved for better quality
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Tom Pinder, Higher Education Professional, 28, Manchester
“ IN TERMS OF STORAGE. . . I T SEEMS TO BE CONSIDERED AS AN AFTERTHOUGHT.”
TENANT PRIORIT IES
SECTION 2
To gain an understanding of what renters most value, we asked our survey
sample what they like and dislike most about their current apartments.
The main likes are room size (38%) and the quietness of their current
rental (also 38%). While the main dislikes are the lack of storage for their
content (27%) and noise from neighbours (20%). The importance of noise
reduction is reinforced when we asked the renters to rank nuisance factors
in their current accommodation. Out of the 203 tenants surveyed 29%
ranked noisy neighbours as a ‘serious problem’ and 24% ranked exterior
noise (e.g. traffic) as a ‘serious problem’.
CONCLUSION
While location, room size and storage continue to be the driving factors
behind tenant satisfaction, acoustic performance is also highly valued. If
a property offers effective sound-proofing, residents are more likely to
extend their tenancy. 38%
38%
27%
20%
29%
24%
like room size
like the quiet - no noise from neighbours
do not like the amount of storage
do not like the amount of noise from neighbours
ranked noisy neighbours as a ‘serious problem’
ranked exterior noise as a serious problem
TENANT L IKES TENANT DISL IKES SERIOUS PROBLEMS
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Tom Pinder, Higher Education Professional, 28, Manchester
“ THE BUILDING MANAGEMENT TEAM ARE ALWAYS THERE F IRST-HAND, TO GET THINGS SORTED QUICKLY.”
SECTION 3
To gain further insights into whether tenants are disrupted by maintenance activity, we asked our sample about repairs within their apartment and communal areas. 36% of landlords were regularly spending time on repairs and maintenance in their properties and communal areas.
CONCLUSION
Some landlords’ return on investment is being eroded by the costs of repairs and remedial work. When choosing building materials, minimising initial upfront costs does not always translate into optimum performance in the long term.
MAINTENANCE CARRIED OUT ON CURRENT TENANT PROPERTIES
KEEPING TENANTS SATISFIED
To understand more about the whole life cost, register for updates on a major research project we have commissioned.
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7%landlords
Weekly
9%landlords
Fortnightly
11%landlords
Monthly
9%landlords
BOOK A SEMINAR
Contact Yvonne Toogood about a free BTR seminar:
T: 01275 379013 E: [email protected]
CONCLUSION
QUALITY OF L IFE
Based on our research and interviews, quality of life is clearly at the heart of
most tenant decisions to stay or relocate. Two of the biggest contributing factors
to this are living space and acoustic comfort.
By taking these factors into consideration when developing a BTR project,
designers and investors stand a better chance of reducing
tenant churn and increasing occupancy rates – increasing returns
in the process.
Etex Building Performance
Marsh Lane, Easton-in-Gordano
Bristol, BS20 0NE
w w w.etex-bp.co.uk /bu i ld- to - rent