What effect has COVID-19 had on rental properties?
After months of lockdown and the entire world being forced to stay at home, people have re-evaluated what they consider important and appealing in their search for the perfect home.
There are three main trends that have appeared as an effect of COVID-19.
Prioritising green space
Commuting is no longer a priority
There has been a huge shift in work expectations, and where possible people have been working from home. Proving to their companies that it can be done.
With no commute, people have gained extra hours in the day, proved to be more productive and are more relaxed and able to focus on their work with fewer interruptions such as idle chit chat and lengthy meetings.
As most of us realised, it is easy enough to work from the kitchen counter or dining room table for a day or two, but when that turns into weeks and months, it can become rather uncomfortable.
Given the experience of the past few months, there has been an increase in people wanting homes with some extra space such as a small study or work area that can be a dedicated workspace.
Bigger homes and properties with gardens are in higher demand.
For those living in flats or small properties that did not have gardens or only offered a very small balcony, they were trapped. They could not visit their local parks during the lockdown as the parks were off-limits due to social distancing rules.
Therefore there has been an increase in demand for properties with an outside space such as a private garden, patio, roof terrace or in very close proximity to a park or cycle route.
Move out of the City
In line with the shift from office-based work to working from home, people no longer need to live in such close proximity to work or a transport hub.
There has been an increase in people moving out of the city centres as people are happy to move further out of London.
What was once a daily commute could become a once a week or even less occasional commute to the office, hence no need to live so close.
With a move out of the city centre, comes bigger homes with gardens and more space at more affordable rates. It would seem that you would get ‘more bang for your buck’, more property and space for similar rates if not less.
Aston Pearl can guarantee rental income for all landlords, regardless of tenancy or not. They can also match any current rentals or market price.
With many people finding themselves unemployed or with incredibly reduced savings, it seems that there may be an even greater gap in the buyers market. Meaning that those who would have been potential buyers can no longer afford a hefty deposit or would not be granted a mortgage and therefore would have to turn to the rental market.
If anything, COVID-19 has given us all a new appreciation for simpler things such as the freedom to venture outdoors, make use of public spaces and most importantly social gatherings with friends and family.
With this in mind, there is a distinctive move towards a more spacious home with an outdoor area that would accommodate a family. There has been a shift in work, life balance and people are making the most of it, the best way they know how.