As ‘Generation Rent’ dominates the UK property market, there is increasing competition for landlords to attract the best tenants. New research from Endsleigh reveals that almost all (90%) landlords surveyed have gone out of their way to make their tenants welcome, and two-fifths (41%) say they would unreservedly “go the extra mile” to keep their tenants happy.
Endsleigh - one of the country’s leading insurance providers for landlords and young professionals – commissioned research of 500 landlords and over 1,000 tenants to find out what really drives the rental market.
The research shows that half (50%) of Britain’s landlords are very happy with their current tenants. The positivity is reflected by tenants; more than three quarters (83%) of tenants surveyed said they were happy with their current landlord.
Landlords are trying their best to keep tenants happy, with almost a third (28%) of landlords saying they would absorb the cost of rental increases to keep reliable tenants in their property for a longer period and two in five (40%) landlords saying they would redecorate at their tenants’ request.
After a realistic rental price for the area, landlords believe that the most important thing to their tenants is a professional clean prior to moving in (37%). Tenants, on the other hand, think it is best for reliable Wi-Fi to be installed before moving-in (32%).
When it comes to the Government, landlords and tenants clearly feel hard done by. Almost half of landlords (47%) believe that the Government is not doing enough to protect landlords, saying that the Government favours tenants, with almost a fifth (17%) of those surveyed feeling that current rental contracts do not adequately protect them. However, over three quarters (78%) of tenants do not feel that the Government are doing enough to protect them either from landlords who may put them at unnecessary risk, particularly at occurrences of unexpected costs or legal proceedings.
‘Poor tenants and damages’ ranked as the biggest current concern to landlords (20%) before having their property vacant for too long (19%) and the rising cost of maintenance (15%).
Despite all this, over two thirds (67%) of landlords surveyed agree that the benefits of being a landlord outweigh the time and hassle involved in processes, with more than one in ten (12%) of landlords surveyed using rent as a main source of income with over a third (36%) using this as a way of planning for their future after retirement.
David Hadden, Head of Property, Endsleigh Insurance said: “Despite their ongoing differences about who is treated more fairly, it’s clear that Generation Rent has made a big impact on landlord decisions. Tenants are showing more authority than they previously did and expecting more too. It’s obvious that Landlords are doing what they can to create the best accommodation possible.
What’s most important is open communication, a clear understanding of who holds which responsibilities and a level of appreciation between each party so everyone can get along.”
As part of the research, Endsleigh has created a digital ‘Exhibition of Oops’, a series of illustrations depicting some of the craziest deposit-busting damages to property. There are also top tips for Landlords, which will be available on the Endsleigh blog, dedicated to offering helpful, simple advice to landlords. Endsleigh covers all types of landlords, see here for more information: while also providing contents insurance for tenants too. Go to Endsleigh and follow @Endsleigh for more information.
Note to editors
Founded in 1965, insurance provider Endsleigh specialises in the student, professional and education markets.
Endsleigh was created to serve the student market and is still the trusted brand for student insurance, and the only insurance provider recommended by NUS.
Wholly owned by Zurich Insurance Group since 2007, today the company also offers a wide range of insurance products and solutions for both students, graduates and professionals, as well as being the preferred insurance supplier for a variety of trade unions and professional organisations.
Products include motor, home and travel insurance as well as business insurance through Endsleigh’s Business team and financial advice through the Endsleigh Financial Advice team. More information can be found here.
For further information, please contact:
James Deacon – FleishmanHillard Fishburn
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Martin Dyan – FleishmanHillard Fishburn
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Rachel Veevers – Endsleigh Insurance
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