2014 Tenant Survey Executive Summary

LANDLORDS & TENANTS SURVEY

2014

TENANT SURVEY RESULTS 5,025 Participants

Which category below includes your age?

20 or younger

2%

21-29

31%

30-39

32%

40-49

18%

50-59

11%

60-69

5%

70+

1%

0

10

20

30

40

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

How much is the monthly rent for your property?

£0-£350

4%

£351-£500

14%

£501-£750

35%

£751-£900

17%

£901-£1350

20%

£1351-£1800

6%

£1801-£2400

3%

£2401-£3000

1%

£3001+

1%

0

10

20

30

40

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Which area of the UK do you currently live in?

London

18%

South East

22%

South West

14%

East Midlands

5%

West Midlands

6%

North East

3%

North West

8%

Yorkshire & the Humber

8%

Wales

5%

Scotland

1%

East of England

9%

0

5

10

15

20

25

30

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Have you previously owned/had a mortgage on a property?

35% 65%

Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Do you currently own/have a mortgage on another property?

14%

86% Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Are you renting out of choice or necessity?

41% 59%

I choose to rent I have no choice but to rent The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Where did you first see the property you are renting?

Newspaper

3%

Portal - e.g. Rightmove, Zoopla

59%

To Let Board

4%

Agents Own Website

13%

Agents Window

3%

Email from the Letting Agent

3%

Phoene Call from the Letting Agent

6%

Visit to the Letting Agents Office

9%

0

15

30

45

60

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

When searching for your rental property did you find that the properties advertised were up to date?

26%

74% Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Did this have a negative impact on the agents brand?

33% 67%

Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Did you use your mobile phone to search for a rental property online?

51%

49%

Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Did you find the mobile sites were easy to navigate?

12%

88% Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

If an agent had taken a new rental property on to the market that suited your requirements, how would you prefer to be notified?

Phone Call

21%

Email

68%

Text

11%

0

10

20

30

40

50

60

70

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Would you connect with Letting Agents via social media (such as Facebook) to receive;

Local community information

2%

Local property market updates

3%

National property market updates

1%

Tenant guidance and information

3%

Properties to rent

15%

I would not connect with my Letting Agent via social media

77%

0

20

40

60

80

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

What is the most important to you when searching for a rental property?

Number of images

69%

Floor plan

15%

Main image

4%

Summary text

9%

Audio tours/Property video

3%

0

10

20

30

40

50

60

70

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

How long did you search for a property to rent?

24 hours

2%

2-3 days

4%

Less than a week

10%

Less than a fortnight

15%

Less than a month

30%

1-3 months

31%

3-6 months

5%

6 months+

3%

0

10

20

30

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

40

When you were searching for your rental property, did you expect the details to include:

Professional photographs

90%

Floor plan

85%

Audio/Video tour

12%

15%

88%

EPC

65%

Directions

35%

69%

Local area information

31%

68%

0

10%

25

50

32%

75

100

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

What costs did you incur when moving in to your current rental property?

No cost

£24 or less

£25 - £50

£50 - £100

£100 - £200

£200 £300

Administration/ set up fee

11%

1%

7%

23%

31%

15%

11%

Reference checking fee

24%

3%

12%

27%

25%

7%

3%

Inventory

57%

2%

7%

19%

12%

2%

2%

£300+

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Do you think the fees you were charged were fair for the service you received?

38% 62%

Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Is it important to you to rent through an ARLA agent?

47%

53%

Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

If the same property was available with two different letting agents that you wanted to rent, would you prefer to rent through:

52%

48%

A recommended and trusted agent for a higher administration/set up fee A lesser known agent for a cheaper fee The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

How long have you lived in the property?

Under 3 months

23%

Under 6 months

12%

6-12 months

27%

12-24 months

20%

24 months +

19%

0

10

20

30

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Did you take out Tenant content insurance?

Yes, using letting agent recommended provider

10%

Yes, using my own preferred provider

49%

No

41%

0

10

20

30

40

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

50

Are you happy with the condition of your current property?

26%

74% Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Do you intend to stay in the property and renew your tenancy agreement when it expires?

31% 69% Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

How would you rate the service you received from your letting agent at the move in stage?

Excellent

Good

Satisfactory

Not Great

Poor

Speed & Efficiency

30%

35%

18%

8%

9%

Helpfulness

31%

32%

18%

9%

9%

Availability

28%

36%

22%

7%

7%

Personal Service

28%

31%

21%

9%

10%

Knowledge

26%

32%

23%

10%

9%

Communication

27%

30%

21%

10%

12%

Problem Solving

23%

28%

23%

12%

15%

Politeness & Manners

39%

33%

17%

5%

6%

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Based on your experience to date, would you recommend your letting agent to a friend?

32% 68%

Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Who manages the property you are renting?

The Landlord

38%

The Agent

56%

A 3rd Party (contractor/company)

7%

0

10

20

30

40

50

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

60

How would you rate the property management service you receive from your landlord or letting agent?

Excellent

Good

Satisfactory

Not Great

Poor

Speed & Efficiency

27%

29%

20%

11%

13%

Helpfulness

30%

29%

20%

9%

11%

Availability

27%

31%

22%

9%

11%

Personal Service

29%

28%

22%

10%

12%

Knowledge

27%

30%

22%

10%

11%

Communication

28%

27%

21%

10%

13%

Problem Solving

26%

26%

20%

12%

16%

Politeness & Manners

38%

31%

18%

5%

8%

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

Are you planning to buy a home?

Yes, in the next 12 months

19%

Yes, in 2-3 years

22%

Yes, in 3+ years

17%

No I do not want to buy

14%

No I can not afford to buy

29%

0

5

10

15

20

25

30

The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

If in the future you need to sell or let a property you own, would you instruct your current letting agent to act on your behalf?

48%

52%

Yes No The Property Academy Tenant Survey 2014 • www.propertyacademy.co.uk

LANDLORDS & TENANTS SURVEY

2014