What home features are renters looking for in 2023?

A new data-led insight from property experts, Redmayne Smith, has revealed what UK renters are looking for when searching for a property this year.

Related topics:  Property,  tenants,  renters
Property | Reporter
30th August 2023
To Let 925

With 4.61 million adults living in rented accommodation in the UK in 2022, new research has revealed the top five most desired home features amongst renters this year.

Rental flats with parking included came out as the number one priority for prospective tenants in the UK, with searches in the past month alone rising by 214%*. With an increasing number of individuals relying on private vehicles for their daily commute and transportation needs, parking convenience has topped renters’ wishlists across the country. This was no doubt spurred on by Covid, which saw many people relocate from more rural areas, with a longer commute.

Furnished rental flats also made the top spot, with tenants seeking the ability to move into a ready-to-live-in space without the burden of furnishing each room, ensuring hassle-free living arrangements. Whilst the search volume was in line with those rental properties with parking, searches had only increased by 18% in the last year.

The inclusion of a balcony, proximity to local schools, and rental properties with bills included completed the top five. Searches for rental properties with bills included have increased by 176% in the past month, highlighting how renters are seeking the convenience and financial stability offered by all-inclusive rental options in the current climate.

Furthermore, proximity to schools has emerged as a key factor influencing the rental decision of parents who are searching for shorter travel distances to provide greater flexibility in their daily routines.

For property investors looking for long-term growth potential, it’s well worth considering these five top rental factors in addition to the amenities expected with luxury, off-plan properties. Together, they offer a compelling investment opportunity.

Top five property features for UK renters this year:

1: Parking

2: Fully furnished

3: A balcony

4: In a good school district

5: Bills included

Gordon Dutfield, CEO at Redmayne Smith, commented: “As the UK’s housing market continues to grapple with soaring mortgage rates and a challenging financial climate, an increasing number of aspiring homeowners are turning to rental properties, seeking attractive alternatives to achieve their housing dreams.

“By understanding what renters are prioritising, and sharing this insight, we can identify properties that offer the best opportunity for long-term growth and profitability, to help our clients achieve their investment goals.”

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