Here’s something interesting. Global law firm CMS has just published wide-ranging research into renting around the world. Urban being: the future of city living is a major piece of work and one of the most interesting aspects is the section on What renters want.
The researchers look in detail at how consumer preferences differ between generations and from the views of rental property providers. CMS says “As the popularity of the residential sector grows and more players enter it, one of the key means to differentiate will be through a serviced offer, so getting the right blend of amenities is key. So there are decisions to be made about what is actually going to make a difference in terms of customer retention”. This report aims to provide some pointers.
According to the researchers, the property sector has got four of renters’ top five preferences right. These are: proximity to transport links and place of work, outdoor space and safety and security. However, a spacious living room area is the third most important feature of a rented home to 54% of consumers but only 26% of property professionals think this would be important. And larger kitchens also come out high on the list.
Other factors where the industry and its customers are markedly out of sync include permission to keep pets (10% to 43%) and car parking (46% to 19%). Views also differ on whether a spacious main bedroom is required (49% to 14%).
Property providers could learn a lot from this report. And it makes interesting reading for all of us living or working in the sector. To download a copy, click here.