Sigma Capital announces findings of post-Covid trend report

Sigma Capital Group releases findings of their recent report, titled The New Ideal: Changing Renter Desires In a Post-Covid World.

New report around post-Covid renter's attitudes and requirements has been released by Sigma Capital Group | BTR News
New report around post-Covid renter's attitudes and requirements has been released by Sigma Capital Group.

Build to Rent provider and developer Sigma Capital Group, which markets its homes under the private rental brand Simple Life, has announced the findings of a new market research report, uncovering renter’s attitudes to the rental sector across the UK.

Following on from research conducted in 2019, the report aimed to identify renter’s requirements, and monitored changing trends in the UK rental market.

The sample is not representative of Sigma Capital Group’s own tenant database, but all renters across the country. 

2000 private renters completed the survey, with the findings being supported by two additional focus groups. 

Net happiness amongst renters was reported to have dropped by 8% in three years, with only 62% describing themselves as ‘very’ or ‘quite’ happy.

Many of the issues stemmed from security of tenure, with 37% of renters worried that they could be asked to leave at any time.

The report highlights a need for more secure, comfortable and affordable renting options, as the cost of living crisis has created uncertainty amongst renters, particularly among those who live in a property owned by a private landlord/landlady.

“It’s great to see the majority of renters are still happy, but our report clearly highlights how the cost of living is affecting renters. Landlords who have adapted to a post-Covid market, offering flexibility, excellent locations and space to live as a family, will benefit in the long run. Ultimately, it’s about offering tenants a service that we would want for ourselves and creating an aspiration, rather than a stop-gap mentality around renting.” 

Graham Barnet, CEO, Sigma Capital

Whilst Build to Rent renters accounted for a small proportion of those taking part in the research, a higher proportion (70%) of Build to Rent respondents claimed they were happy renting.

Respondents also recognised the benefits of renting, citing reasons such as ‘maintenance issues are not my responsibility’ (58%), and ‘I don’t need to worry about losing money if house prices fall’ (39%).  

The report shows that the average renter pays around £700 a month on their rent, a 5.9% increase from 2019.

71% of tenants in the study said that they choose to rent because they can’t afford to buy their own home, as inflation rates for mortgages hit a 30 year high in 2022.

Renters consider numerous factors when choosing a rental property, with 89% considering location a top priority. 69% of renters also rated access to a garden as important.

The average renter pays around £700 a month on their rent, a 5.9% increase from 2019, the report from Sigma shows.

As the pandemic changed our ways of working, 44% of respondents now require a home office space. With a push for more environmentally ways of living, 61% of renters seek eco-friendly features to reduce their carbon footprint, as well as their bills.  

Repairs and decoration are still points of discussion for renters, with disagreements around maintenance accounting for almost one in five instances of unhappy tenants.

61% expected a response from their landlord within one hour for emergency repairs.

Many renters would also like to decorate their rental property without fear of consequence. 70% of tenants wanted to put up pictures without getting consent from their landlord, whilst 45% wanted to paint walls.