Anna Bibby, 07 January 2021
After an eventful year, we are certain that those involved in the private rented sector are intrigued to see what the next twelve months have in store.
2020 was the year where we saw remarkable changes in the way we live our lives and how we use our living spaces. This resulted in demand in the market to stay healthy and we saw tenants’ priorities change. So, what can we expect for the private rented sector in 2021?
Tenants will be looking for more space
Last year, our homes also functioned as our offices, gyms and places to socialise, and it looks like things will carry on this way for a good portion of 2021. So, it should come as no surprise that tenants looking to relocate will be looking for a bigger property or a spare room to use as a home office or gym. Tenants in inner-city areas are also looking at developments with extra amenities like gyms, swimming pools and communal areas.
Suburbs vs the city
There has been a lot of talk about a ‘London Exodus’ within the sector where people were choosing to leave the city and opting for the suburbs or countryside instead. It seems that since remote working became more prevalent, many people are no longer seeing the benefits of living in the capital and instead are choosing to move further out in search of more space and better value for money. Many tenants are actually looking at areas further North like Manchester, Leeds and Sheffield for the aforementioned reasons, which will be good news for landlords in these areas.
In 2020, we saw a significant increase in pets being bought, where people were wanting a cuddly companion to keep them company throughout the lockdown. In the Financial Times, it was reported that around 5.7 million pets were bought in the UK alone between March and September. This was certainly reflected in the property market where there was an increase of people searching for rental properties that allowed pets or properties that were close to parks or walking trails to take dogs out for walks. It certainly looks as though this trend will continue well into 2021 as an increasing amount of people are spending more time at home and have more time to take care of their four-legged friends.
In an era where we are being discouraged from travelling around and using public transport too often, more and more people are looking for properties in areas that are considered to be ’15-minute neighbourhoods’. For the uninitiated, a 15-minute neighbourhood is a location where all essential amenities are just a short walk or bike ride away. The appeal of 15-minute neighbourhoods is clear, as they offer a lot of convenience and a better sense of community in urban areas.
A new appetite for renting
There seemed to be a growing appetite for renting at the end of 2020, with news of the vaccine boosting the confidence of tenants looking to move home. There is still a fair amount of uncertainty in the economy so many people are holding off from making big financial decisions like buying a property for the foreseeable future. The flexible nature of renting means that people can find new homes without having to make long-term commitments.
Are you looking to rent in 2021? Get in touch with our team!
Anna Bibby, 07 January 2021