The PRSim team were delighted to be joined by well over 100 PRS & Build to Rent industry professionals at the launch of their 2018 PRSim-LSL Tenant Survey.
The survey, now in its third year, gathers vital information about why tenants of different ages – and in differing situations – rent property as well as determining their rental priorities and future intentions.
The survey and its findings were launched to industry peers via two events held earlier this week at GVA’s London offices and LOFT’s Manchester Showroom. We were extremely lucky to have been joined by an expert panel of speakers led by our very own Head of PRS & Build to Rent, David Bond. Our fantastic panel of speakers included Tracey Hartley from Howard de Walden Management, Alastair Carmichael and Emma Smyth of GVA, Gordon Tero representing Stride Treglown and LOFT’s Alec McKenzie, supported by PRSim’s own Director of Data & Advisory Services, Katherine Rose.
So what does this year’s survey reveal?
That renting is not just a young person’s game.
This latest edition has revealed that Younger Independents, those aged between 18 and 24, only comprise 22% of renters, challenging the concept that BTR is defined by Generation Rent. Instead we see a near even split between the four key lifestages, highlighting the need for investors and developers to be more flexible in their approach to tenants and to question any preconceived ideas they may have about their age and aspirations.
The survey also identifies three core principles that we believes agents, landlords and developers should adopt to make the tenant’s renting experience more successful and the decision making process for Build to Rent developers and investors much easier:
- Redefining the rules of renting to challenge perceptions of the rental landscape and what tenants can expect it to include;
- Tailoring and targeting new building initiatives to ensure that new ideas resonate with the different lifestyles of tenants;
- Fostering strong dialogue with tenants to support success and ensure tenants’ expectations are met.
To learn more, CLICK HERE to download the full report.