Weathering the storm: The wants and expectations of tenants must be met by landlords if they wish to prosper in today’s residential sector
The coming months are likely to place private renters under unprecedented levels of stress. The average rent is predicted to rise to a level equivalent to 62 percent of the average renting household's post-tax income in the United Kingdom, according to Hamp tons. Unsurprisingly, value for money is fast becoming a predominant concern.
To satisfy shifting tenant needs and expectations as the cost of living rises, property managers must adjust. For example, managers can diversify their portfolio by taking advantage of the UK's build-to-rent (BTR) boom, deploy cutting-edge automation technology and, most importantly, upgrade existing facilities to provide more upscale, attractive services. Above all, the wants and expectations of the tenants must be at the forefront of property managers' minds in order to weather the approaching storm.
Welcoming £2.84 billion (€3.23 billion) worth of capital in 2022, the United Kingdom's BTR market is the trendy new place to be. B