If you are a landlord, focusing on tenant satisfaction is a smart idea. When you have a happy tenant, they are far more likely to pay on time, and they will be more likely to stay in your rental period for much longer. This will help you to minimise void periods, which should ensure you achieve more success as a landlord.
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. When you offer an attractive rental property, it reduces the amount of time you need to work, it minimises the risk of void periods and it can help you generate higher rental income each month.
Tenants are more satisfied in rental property
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
While being a landlord is tough, many landlords fail to see issues from the point of view from their tenant. It is often helpful for landlords to understand how much of a tenant’s income is spent on rent. When you understand this, it is easy to see why tenants are so demanding about the standard of tenancy service they receive.
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:
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
Focus on energy-efficiency, as these improvements help tenants lower their bills
Encourage feedback and ensure you act on recommendations
Communication is vital, so make this a fundamental part of your relationship with your tenant
Arrange regular meetings with your tenants, creating a two-way flow of communication
For rental enquiries in Sawbridgeworth, please feel free to call us on 01279 600333 or why not email us at email@example.com. With considerable experience in the local market, and free valuation services, we look forward to helping you move.