Tenants take just 60 seconds to choose a rental property

A tenant will take just 60 seconds to decide whether a rental property is for them, according to research.

More impressively, 7% of surveyed tenants said they made the decision to move into their rental home after just 10 seconds.

The findings from Rentify show that around 63% of people viewing a rental property will make their decision to move in while 2% need more than five minutes to make a decision.

The most attractive feature for a potential rental property is the kitchen for 30% of tenants, followed by a large main bedroom with 28% of tenants saying this would help sway their decision.

However, one in five potential tenants say a large living room is what they look for when renting a property.

Finding the right rental property

 
The chief executive of Rentify, George Spencer, said: “Finding the right rental property for many is important but it’s also important that tenants do not rush into making a decision.

“Lettings agents can sometimes disguise a flaw to make a deal so it’s worth taking longer to learn every about the property before deciding.”

The research also reveals that the bathroom is important to 10% of tenants and just 2% are concerned about the garden.

When it came to the number of viewings it would take to make a decision to moving in, 63% of respondents said one viewing would be enough if the property felt right for them, while 5% said they would need at least three viewings before coming to a decision.

The survey also found that 10% of tenants would rent a property without visiting it first and 77% found that estate agents suggestions for potential rental properties were ‘unhelpful’.

Tenants will be affected by drop in buy to let investment

 
Meanwhile, a report says that tenants will be affected by reduced buy to let investment as rent prices will increase, says the Intermediary Mortgage Lenders’ Association (IMLA).

They say that the government’s proposed reduction in the level of mortgage interest tax relief that can be claimed will push many landlords into making a loss after costs and tax are taken into account.

IMLA says that the change in tax rules will lead to fewer landlords investing in their buy to let portfolio and this will lead to a reduction in the supply of rental homes when they are increasingly needed.

In turn this will lead to greater demand for private rental properties and the difference in property availability will not come from institutions.

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