At the moment, newsfeeds are filled with reference to the Renters Reform Bill, including how it’s beginning to reshape the rental market for landlords and tenants, and making now a good opportunity to understand more about changing relationships between landlords and tenants.
In 2024, the Landlord Leaders Community delivered important Bricks to Belonging research which focused on the psychology of homeownership and found that tenants in the UK thrive when they are able to see their property as home as well as an extension of their own identity.
Looking into the behaviours of tenants, it found that when self-identity is unavailable or challenged, renters can be driven to look for new accommodation, whether that’s through another tenancy or into their desire for home ownership.
OSB Group discovered through the research that 73% of landlords are rising to the challenge of personalisation and are open to tenants adapting their living spaces through things like painting walls and garden fences, mounting artwork and changing kitchen aesthetics through replaceable tiles.
Suzanne Smith (The Independent Landlord), landlord and blogger, writes in her article about self-management that the relationships she holds with tenants benefit from six monthly in-person maintenance visits without the use of a management company - presenting a good opportunity to discuss property improvements together.
And even though 86% of landlords describe their relationship with tenants as positive, there is indecisiveness when it comes to who should fund the property improvements, and the third instalment of OSB Group’s Landlord Leaders research found that one in two landlords (48%) are willing to foot the bill for upgrades. The same number of landlords hold tenants responsible for any resulting damage from making property improvements.
However, we heard that 40% of landlords have a desire to increase their average tenancy length which, according to data from Pegasus Insight, currently sits at two and a half years.
Doing so would provide clear benefit to both landlords and tenants.
With rental yields still close to the ten-year high in Q3 2024, alongside a high number (80%) of landlords suggesting they are letting at least one property below market rates, strengthening relationships is a clear way for landlords to realise their desire to increase tenancy length and for tenants to prosper in their homes for longer.
The findings highlight the importance of fostering positive tenant-landlord relationships built on trust, communication and adaptability. Empowering tenants to create spaces that feel like home is emerging as a key strategy for maintaining successful, harmonious and longer tenancies.
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