As experienced letting agents in Coventry and across the Midlands since 1995, we have seen many changes across the rental market over the last 30 years. The industry has always been fast-moving, but we’ve seen many changes in the last few years that will continue to change the market in 2025 and beyond.
So what’s changing and how can landlords ensure they are prepared to keep up with changing demands and tenant preferences? In this article, we take a look at some of the biggest changes in the rental market today.
Increasing demand for long-term renting
Fueled by a mix of the cost of living crisis and lifestyle choices, many renters are looking for longer letting agreements to give them more stability and security. Home ownership may be out of reach for some people, and others like the flexibility it gives them. Whatever the reasons, many renters are now looking for leases of a minimum of 12 months.
For landlords, this is a great thing as it reduces tenant turnover and mitigates your rental property being empty for a period of time. However, tenants who are looking for a long-term rental will have higher expectations in terms of decor, fixtures, fittings and outdoor areas.
To help them attract long-term renters, landlords should consider investing in their properties to position them as more than a temporary solution.
The shift to remote and hybrid working
Since 2020, when many of us were instructed to work from home during the COVID pandemic, it’s become the new normal, and it’s a trend that doesn’t seem to be going anywhere.
For landlords, this means that renters can cast their net further afield now that commuting is no longer a concern. This has seen a shift in renters looking for properties out of towns and cities and instead opting for more rural areas.
Landlords can attract renters by showcasing how their property meets these demands. Highlight the local area, community, amenities such as cafes and shared workspaces and things to do. Also, list any spare rooms or flexible spaces as a home office to help renters visualise working from their new rental home.
More demand for energy efficiency and sustainability
As global warming and climate change continue to be hot topics, everyone wants to do their bit to help the planet. But beyond green initiatives, having a more sustainable and energy-efficient property also helps reduce energy bills.
Landlords should look at the energy-efficient upgrades they can make to their properties. These can include:
- Replacing windows and doors with those that have better energy efficiency properties
- Consider installing solar power to help reduce emissions and energy bills
- Look into whether it is beneficial to use a heat pump heating system
- Upgrade boilers that are more efficient
- Install water reducing measures on taps, toilet cisterns and taps.
Making changes like these can also help improve the Energy Performance Certificate (EPC) of your property, which makes it more attractive to renters.
New regulations and tenant rights
One big change in the law is the Renters’ Rights Bill. Expected to come into force this summer, it’s set to bring some important updates that every landlord should be aware of.
Staying on top of new regulations isn’t just about ticking boxes. It’s about protecting your investment and building trust with tenants. So if you’re a landlord, now is the time to check where you stand and make sure you’re ready for what’s coming.
Working with a letting agency, like Shortland Horne, can help landlords stay on top of changing laws and trends to help them keep their tenants happy and their properties compliant and profitable.
Contact us today to find out how we can help you manage all aspects of your rental properties.