Recent research from Hamptons International suggest tenants are leaving cities and heading for more spacious homes in towns and suburbs.
"Renters have joined homeowners in the race for space by rushing to the suburbs where the number of tenants looking to rent is up on last year” explains Aneisha Beveridge, head of research at Hamptons International.
While the race to suburbia has mostly been dominated by tenants in their mid-thirties onwards, younger tenants too have an increased appetite for additional space. For these groups, this typically means moving from a room in a shared house into a studio apartment, or from a studio apartment into a one-bed home with its own separate living and sleeping space.
With tenants’ priorities changing, upsizers have swapped smaller city centre flats for three-bed semis on the fringes of town. While the premium placed on green space is growing each month.
In fact, according to our recent Redbrick Properties market research, renters have been very much in search of private outside space, with ‘Garden’ being the most popular search term in 2020.
In the four months between May and August, 34% of tenants that moved home upsized, adding at least one extra bedroom.
Specifically, a quarter of moves post-lockdown were from a flat to a house, compared to 16% during the pre-pandemic period in the first three months of 2020.
Some 88% of tenants who moved out of a studio apartment swapped it for a larger home, while 72% traded up from a one-bed property and 25% moved from a two-bed home to a larger space.
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Source: Letting Agent Today