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What are tenants looking for in a rental property?

Lovely miniature house with colourful windows

The rental market, both nationally and locally here in greater Manchester, and more specifically Rochdale is buoyant and competitive. It’s fast-moving and competitive with demand outstripping supply. But what exactly are tenants looking for in a rental property?

Type of property

Firstly, there will be tenants looking for a specific number of bedrooms, which will be top of their list of needs and wants. Locally there is a shortage of family-sized three or four bedroomed properties so the demand for these is high. Rochdale is predominantly a family area, with lots of excellent primary and secondary schools, a vibrant town centre and good range of leisure activities. Rochdale is also easily accessible, and therefore commutable to Manchester City Centre too which makes it ideal for professionals who may also want a larger family-sized property but could equally be wanting to rent a flat, apartment, cottage, terrace or semi-rural property. Ideally, tenants also want a neutrally decorated property that they can put their interior décor stamp on.

Aside from the specifics of the type of property, the location, size, amenities, and neighbours/neighbourhood, what tenants want above everything is to know that their home will be well managed.

Well managed property

Things can and do go wrong in properties. What tenants want and need to know is that they will be renting a well-managed property. They need to know the support is there if and when needed. Landlords are legally obliged to ensure their property is safe, with 5 yearly electrical checks needed, and annual gas checks as well as ensuring any rental property has an up-to-date Energy Performance Certificate (EPC) with a rating of E or above. We ensure our landlords are aware of their legal obligations to rent compliant properties and make sure we are up to date with all the proposed changes to the rental sector. At Ellen Kay we work with landlords who might be new to property letting, might be overseas and in need of a local agent and those with large portfolios of properties.

Landlords

Get in touch today for a personalised and professional service suitable for you and your property/properties.

Tenants

Get in touch with your local family owned letting agent for details of properties available now and coming soon and find your perfect home in Greater Manchester.

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What does 2022 have in store for the rental market?

According to Zoopla’s latest quarterly rental market report; ‘The New Year has seen soaring demand for rental homes, with the number of people looking for a property 76% higher than during the same period between 2018 and 2021.’

The pandemic saw increased interest in wider commuter zones, such as easily commutable and well-connected Rochdale, as renters also embraced the ‘search for space’ as we all spent more time at home. People are however now returning to the centres of major cities, including Manchester.

Gráinne Gilmore, head of research at Zoopla, said: “The flooding of rental demand back into city centres, thanks to office workers, students and international demand returning to cities, means the post-pandemic ‘recalibration’ of the rental market is well underway.”

This ‘recalibration’ SHOULD mean we’ll see some easing of the intense competition that the imbalance between supply and demand has created including here in Rochdale. The rental market in and around Rochdale and the wider Greater Manchester area remains fast-moving and intense with all available properties being let extremely quickly.

With Rochdale being a predominantly family area the main shortage of properties is in three/four bedroomed family-sized properties such as larger terraced houses, semi-detached and detached properties, where demand continues to significantly outstrip supply. In our experience, here at Ellen Kay, property investors tend to start with, and often stick to, the cheaper end of the market buying up flats and small terraced properties as investments in the buy to let market. There is therefore a significant shortage of family homes to rent locally, and we definitely need more on the market to satisfy local rental demand.

Landlords

Any would-be landlords with property for rent in Manchester are encouraged to get in touch with our agents to discuss their options. We deal with new landlords, overseas landlords looking for a local agent and portfolio holders, and we can manage the whole process for the length of the tenancy agreement, or work on a tenancy finding service only. Get in touch for a chat with our experienced agents.

Tenants

Those looking to rent in and around Rochdale should also get in touch with Ellen Kay, your local lettings agent. We know the local market and have the knowledge and experience to help you find your next home.