A new UK-wide survey of 1,000 people aged 18-64 revealed insights into the minds of tenants – how they live, what they want and what they aspire to. Conducted by Hatch Interiors, The Modern Renter: Inside the tenants mind survey revealed that 82.6% of renters currently rent from a landlord – but 40.8% of those people want to move into a Build to Rent development.
Of those surveyed, 59.8% of renters expect their place to be furnished ‘to some degree’, although 88.4% of those wishing to move into a Build to Rent scheme don’t want a ‘cookie cutter home’, expecting developments to use different design schemes throughout, with 37.9% being likely or highly likely to pick somewhere that is professionally designed.
“How can landlords compete in this shifting market? We think the answer is by making rental properties as welcoming and inviting and importantly, Instagrammable as possible.”Jodie Wardell, Head of BTR, Hatch Interiors
The survey results also showed that 50% of renters want kitchenware included, 54.7% expect cleaning equipment to be provided, 41.9% want the property to be well decorated, and 38% of those surveyed want a concierge on hand and 68.4% want outdoor space.
Of those surveyed who wish to live in a Build to Rent scheme, having a sense of community was vital, with 42% wanting a wellness facility like a gym or yoga studio, 31.4% would want a communal working space, 31.3% a socialising space, and 33.7% saying that having facilities to spend time with neighbours is appealing or very appealing.
“The growth of the Build to Rent industry in the UK is exponential. A huge group of people – 40.8% – say that if they were to rent, it would be in a professionally managed Build to Rent development and this is a number we expect to steadily grow over time. The figure is even higher for families at 43.9%.
“Meanwhile, 82.6% currently rent from a landlord, so it seems that these renters may be looking to jump ship if something better comes along. How we use our homes is changing, as we know. Digital nomads can work from anywhere, for one thing. After the heights of the pandemic, when we were all desperate for a sliver of outdoor space to call our own, 69.9% now say that if they had a communal space, they want some of it to be outdoors. In our view, the developers offering outdoor communal spaces and individual balconies are on the right track, as are landlords whose properties come with gardens.”Jodie Wardell, Head of BTR, Hatch Interiors
The survey also revealed that out of the people who are keen to move into Build to Rent, 32.5% want it to be ‘move-in ready’ and 37.9% want somewhere that is professionally designed, with these numbers increasing to 41.2% and 39.7% respectively for urban renters living in cities.
“Consumers expect more, renters expect more. We have become a demanding society that votes with its feet. Build to Rent has raised the bar and landlords need to keep up if they want to compete. Modern renters want more than mismatched furniture and a landlord who takes weeks to get things fixed! They want, and expect beautiful homes and great service.
“Whatever side of the rental market an operator is on, they want to maximise their income. That means properties being filled with minimal void periods, people who can afford the rent, and residents staying longer-term. Using our insight, we design schemes that make empty properties feel like home and create impactful spaces that people are proud to live in. Hatch Interiors are experts in the market, we know what tenants want, and we help landlords and property developers to get the ROI they want.”Jodie Wardell, Head of BTR, Hatch Interiors
The survey found that 44% of respondents regularly or frequently use their homes to work from home, with 82.8% viewing them as ‘a sanctuary’ and 74.1% using them for much-valued family time.
Based on the findings, Hatch Interiors say that renters value the aesthetics of their homes, with an overwhelming 70.4% of all respondents saying that the overall interior design of their home is important or very important. A total of 29.7% of all renters interviewed say they agree or strongly agree that they want their place professionally designed by an interior designer. And 28.6% say they’re willing to pay more rent for higher quality furniture – and that jumps to 36.9% for the most socially active within this group.
Hatch Interiors’ bespoke design team has worked on high-end residential interior design and refurbishment projects across London and the South East. The company has worked with developers such as Wimpey, Hill, Bellway and the Berkeley Group to create stylish show homes. Thanks to this success, Hatch Interiors now occupies a 51,000 sq ft warehouse in Harlow, Essex near the M25.
With over 20 years of industry experience, Hatch Interiors has the extensive ability to create luxurious, unique interiors to meet exact specification. Its team of in-house designers are dedicated to creating bespoke interiors to meet your individual brief, whilst skilled joiners and upholsterers create exclusive furniture to further enhance your scheme.
“Our award-winning interior design team works collaboratively with private clients and leading commercial developers to create impactful spaces that people are proud to live in. Our thinking goes much deeper than the visual appearance of the project, we propose practical solutions to bring our clients’ ideas and dreams to life. From initial ideas to a beautiful, contemporary finish, our designers help to transform your space. Furniture collections are curated by our design team, and a convenient, cost-effective way to fully furnish a property. To be truly move-in ready, our turnkey solution gives tenants and homeowners everything, down to details like bath towels, hand soap, kettle, cookware, wall art and cutlery.”Jodie Wardell, Head of BTR, Hatch Interiors
For more information about Hatch Interiors, visit: www.hatchinteriors.co.uk