When you have happy tenants, being a landlord is a lot easier. A happy tenant is more likely to pay on time, and they are inclined to stay in your rental property for longer. This should ensure you minimise void periods.
At Intercounty, we believe tenant satisfaction is crucial, and we provide a range of property management serviced aimed at helping you develop a positive relationship with tenants. Offering an attractive rental property saves time, minimises the risk of void periods and it can help you generate higher rental income each month.
We work hard to ensure tenants are happy, and a recent study reinforces the importance of satisfied tenants.
Newly released data from The English Housing Survey has revealed that there has been an increase in the proportion of private renters satisfied with their housing.
Key findings from The English Housing Survey are as follows:
84% of private tenants said they were satisfied with their rental accommodation
This represents a rise of 1% on the previous years’ figure
In the social rented factor, 81% of tenants said they were satisfied with their rental accommodation
73% of private tenants were satisfied with the way their landlords carried out maintenance and repair work
67% of social tenants were satisfied with the way their landlords carried out maintenance and repair work
Ben Beadle is the Chief Executive of the National Residential Landlords Association, and he said; “It is good news that private renters are increasingly satisfied with their housing and is a testament to landlords and the improvements in standards that we have seen in the sector. Whilst challenges clearly remain, this dispels the myth perpetrated by some, that tenants are generally unhappy with their housing.”
Tenants pay a lot of money on rent
You know being a landlord is challenging, and it is expensive. However, landlords should familiarise themselves with the average costs that a tenant faces. When you understand tenants are paying a lot of money each week, you realise the importance of providing a better service and value for money for your tenants.
Private renters spend more of their income on housing costs than any other category
The average housing cost for private tenants was £200 per week
The average housing cost for social tenants was £102 per week
The average housing cost for homeowners with a mortgage was £172 per week
The study suggests private renters were sacrificing a larger proportion of their household income for housing costs, than other groups.
For private tenants, housing costs accounted for 33% of a private renter’s income
For social tenants, housing costs accounted for 27% of their income
For homeowners with a mortgage, housing costs covered 18% of their income
How can you build on tenant satisfaction?
Some quick tips to consider to make sure that tenants are happy renting from you include:
Communication is vital, so make this a fundamental part of your relationship with your tenant
Provide your tenants with an around the clock service, letting them know if they need you, you will be there for them
Make improvements to your rental property and consider utilising modern technology whenever and wherever possible
Arrange regular meetings with your tenants, creating a two-way flow of communication
Encourage feedback and ensure you act on recommendations
Focus on energy-efficiency, as these improvements help tenants lower their bills
We are pleased to say that with our property management services, we make tenant satisfaction a priority. If you want to enhance your chances of success in the rental market, we are here to assist you.
For all property management services, please feel free to call us on 01279 713750 or why not email us at email@example.com. With considerable experience in the local letting market, and free valuation services, we look forward to helping you please your tenants in the rental sector.