Staying Relevant As A Landlord: Rental Trends You Cant Ignore In 2024

Posted on January 12th, 2024.

The world of property rentals in the UK is constantly evolving. To stay competitive and succeed, you’ll need to keep a finger on the pulse of the latest trends shaping the rental market as a UK landlord. However, there’s no denying that this ever-changing landscape can be difficult to keep up with.

Thankfully, we’ve got you covered; in this article, we’ll explore some key rental trends in London that landlords simply can’t afford to ignore in 2024. Whilst some may seem like common sense, there are others which we would bet you haven’t thought about.

Read on to find out more!

Sustainable Living is In

People all around Britain are becoming increasingly environmentally conscious, and this affects all areas of life, including accommodation. Tenants are starting to search for rental properties in London that are energy-efficient and sustainable, and this is something that you can specifically address to boost the appeal of your property.

Invest in eco-friendly upgrades like energy-efficient appliances, LED lighting, and proper insulation, and you’ll already be cutting energy costs for your tenants whilst taking a more sustainable approach. You could also consider installing solar panels in your home – not only does this attract eco-conscious renters, but it can lead to long-term cost savings for all parties!

Embracing Technology

Technology is revolutionizing the rental market. From online property listings to virtual property tours, landlords who embrace tech are gaining a competitive edge. Smart home features are also becoming more popular, allowing tenants to control lighting, heating, and security systems remotely. These features attract tech-savvy renters whilst improving property security and energy efficiency, so make sure you keep up with change before your rental property in London gets left behind!

The Rise of Co-Living Spaces

Co-living spaces are on the rise, especially in urban areas, with young professionals and students becoming increasingly drawn to shared living arrangements that offer convenience and community. Landlords can explore this trend by converting larger properties into shared accommodations or investing in purpose-built co-living spaces.

Not only will adapting your property to co-living help you appeal to additional tenant markets, but it can also be seriously lucrative. Each tenant within the co-living space will expect to pay similar rent to what they would normally pay within a standard property, so if your co-living accommodation has several bedrooms, you could greatly increase your ROI!

Pet-Friendly Rentals

This next pointer may come as no surprise to you – the demand for pet-friendly rentals is on the rise. To the dismay of many landlords, renters are beginning to filter out properties on online portals that do not allow them to bring along their furry friends, a sentiment that would shock landlords of the past!

 If this is setting off red flags in your brain, that’s understandable, as there’s no denying that pets have the potential to be somewhat destructive. However, as long as you set clear pet policies, collecting appropriate deposits is essential to protect your property.

Working From Home

The final major trend that you simply cannot ignore as a landlord in London is one that you are likely familiar with, and may even practice yourself – working from home. Ever since the COVID-19 pandemic, working from home has become an increasingly common preference amongst tenants, and this trend shows no sign of disappearing – it’s only becoming more prevalent!

Many tenants are now seeking features within a property that will accommodate their working-from-home lifestyle. Perhaps the most important factor here is internet access. Many tenants will rely on a rapid, stable and consistent internet connection for their work, and if you can’t guarantee this as a landlord, you could have serious problems finding new tenants. However, whilst most people consider typical broadband connections to be fast, this isn’t really the case anymore.

Bandwidth-intensive conference calls often need a fibre-optic connection to run smoothly, so you’ll need to upgrade if you can’t facilitate this. Whilst it’s not necessarily your responsibility to provide internet for your tenants, you may need to liaise with ISPs to get fibre optic infrastructure installed in your property. This might cost a pretty penny, but you’re paying for the comfort of knowing that your property is future-proofed for the remote work revolution!

Finally

The future that UK rentals 2024 brings is bright, but it is certainly not free from unfamiliar trends and challenges. However, if you stay informed and adapt your approaches to the latest trends, you’ll thrive in this evolving market. Additionally, you’ll gain a competitive edge over other landlords in London who are stuck in the past.

Don’t get left behind!

If you are a landlord with rental properties in London and are looking for help with property management, get in touch with the team at Ashmore Residential. We can be reached on 020 8366 9777 or info@ashmoreresidential.com and will be delighted to chat with you about your 2024 requirements.