The 11th of May marked the launch of LSL’s highly anticipated 2017 Tenant Survey; its key findings were released to over 75 PRS & Build to Rent industry professionals during a launch event at the House of Commons yesterday morning.
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, tasked with drawing out key themes from the survey and differentiators in the UK PRS model and renter profile. This included: Ian Fletcher – Director of Policy for the BPF, Alex Notay – Director of Product & Service Innovation at Places for People, and to complete the trio, Dominic Martin – Chairman of the UKAA Policy Committee.
This annual report is now considered the largest and most comprehensive tenant survey of its kind in the UK with a catchment of over 41,000 recipients. Its aim is to better understand the drivers, values and wants of the UK renter with application to the PRS & Build to Rent market, to help build a detailed portrait of each life-stage group and inform decisions around amenities, communal space and technology.
Key findings from the survey revealed that there has been a growth in the longer term PRS market – with significantly more tenants renting for 6 years or more (33% compared to 29% in 2016) and that more tenants than last year are happy with their rental choice (32 % being very happy compared to 28% in 2016). Of interest too was the high percentage of tenants who would be prepared to consider new ways of communal living and initiatives to support savings and reduce costs – with 74% of tenants showing a desire for some level of community facility or activity.
David Bond, Head of PRS & Build to Rent commented:
We are delighted to have been able, once again, to conduct such a comprehensive survey and to help those providing PRS schemes to better understand what tenants are looking for when renting and how they, in turn, should respond. As widely reported ‘Generation Rent’ is set to swell in the coming years and we therefore hope, as a result of our data and comprehensive understanding of the market, that PRS schemes will be more easily and successfully developed not only to positively enhance their tenants experience of renting but also their profitability and sustainability in the future.