What younger tenants want

What younger tenants want

Attracting young professionals and millennials is a key strategy for many property investors today and new research from leading online comparison site GoCompare has revealed the essential criteria that is drawing the younger UK tenant towards their first rental property. Here are some of the main findings from the research:

  • 40% of 18 to 24-year olds highlight the number of bedrooms is a major determining factor – suggesting that one and two-bedroom houses or apartments are taking precedence over studios.
  • 48% of younger renters stated that living close to work or university was important.
  • 30% of 18 to 24-year olds would prefer to move into a property that is unfurnished – allowing them to put their own stamp on the décor.
  • 40% of the research participants didn’t reveal whether they wanted to own their home in the future – an indicator of the shifting attitudes towards home ownership amongst younger people in the UK.

With approximately a third of millennials forecast to rent for their entire lives, the above findings give clues to what younger tenants are looking for. Prime city centre locations with good amenities and close proximity to places of work and education are what younger tenants want and this is giving rise to the massive build-to-rent trend that we are seeing across the UK.

Investors know that if they can tick the above boxes in their investment properties, they stand a good chance of attractive rewards.