The PRS loves a buzzword.
You’ll surely have come across them in one place or another. Broker support badged as ‘education sessions’ or ‘masterclasses’ is something I roll my eyes at each time I see it - I can’t be alone!
Far better value, I think, is something people can take inspiration from quickly. For me, I look out for the facts and figures that back up a story and make it credible, or one that leaves you thinking about how you can add value to your clients.
I got to thinking about this after reading the output from OSB Group’s latest Landlord Leaders research. It’s in its third year and polls an even split of 1,000 professional and non-professional landlords, and demonstrates trends in the landlord-tenant relationship which provides insights that could benefit anyone with an interest in the PRS.
I’ve summarised some landlord-tenant relationship facts below:
My top 3 landlord-tenant relationship facts
1. 84% of landlords describe their relationships with tenants as positive
That’s four in five landlords operating in the private rented sector who are happy with their relationships with tenants and describe them as something they’re proud of.
It’s backed-up through tenant research conducted by the Landlord Leaders Community, in which 69% of tenants say they are happy with the speed of response from their landlord. An encouraging reminder for landlords that tenants value a direct and responsive relationship.
They’re both interesting takeaways alone, and if you couple those two things together, you get a narrative that isn’t played out through national press - an encouraging trend suggesting that the UK rental market is thriving on healthy, stable relationships.
2. 80% of landlords are spending or plan to spend more time thinking about their tenants
Four in five landlords said they’re now spending more time planning and thinking about how they can improve their tenants’ experiences.
The research found that the average tenancy length is just under two and a half years, and with 40% of landlords suggesting they’d prefer tenancy lengths to be longer, this shows that planning strategies for improving tenancies is top of mind.
This is strengthened through learning that 44% of landlords want to do this with a view to build a better relationship with their tenant.
3. 53% of landlords are now communicating directly with their tenants at least once a month
More than one in two landlords are now speaking with tenants directly and regularly, choosing to cut-out the middleman and deliver service directly to their tenants.
That’s fuelled by 41% of landlords who told OSB Group that they value tenants who are willing to commit to longer tenancies, and so this could be tactic landlords are employing to maximise the length of their relationship with tenants.
Combine that with the number of landlords who are managing the tenant relationship themselves (52%), and it’s a signal of intent that the relationships will strengthen through a hands-on approach.
As with any good relationship, trust and stability are key, and it’s satisfying to see so many landlords eager to extend tenancies which helps build a positive, secure and valued rental market in the UK.
If you're interested in reading more insights from landlords and tenants, why not register your interest with the Landlord Leaders Community which is a membership group of individuals focused on creating a fairer and more sustainable Private Rented Sector.
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