The pandemic has had its effect on the rental market as well, which showed a slowdown in some areas. However, the Covid vaccine’s positivity and the hopeful return to near normality will impact the rental trends for 2021. Many professionals will agree with this, including the Estate Agents in Bicester, Oxfordshire, especially once schools and universities reopen, leading to the rental market expanding. Here are the Latest rental trends as we move through 2021.
The lockdowns caused people to spend more time at home. Consequently, it resulted in many people becoming more discerning with decisions concerning what they want and need as rented accommodation for the future.
Some of the rental trends for this year are listed below:
Moving: With the stagnancy of people having to stay where they were during the lockdowns, the freedom to consider moving to a new place is a trend for 2021. The pent-up demand will lead to replenishment as more people look for places to suit their requirements. Most people will base their needs around their working patterns, especially for office workers who have had to work online during 2020. This is likely to continue as many businesses have agreed to flexible working arrangements, divided between home and office. It may lead to less commuting and preference for rentals in the city suburbs or rural areas. Some people may want to move closer to family or friends after the impact of the Covid. Others may just want to move to more open outdoor spaces.
Type of accommodation: With more people working online, from home, the need for less cramped and more spacious accommodation is a trend that will continue for the future. Since home and office are likely to remain in one place for the foreseeable future, additional rooms and amenities for relaxation have become a must for renters. A good internet connection is essential.
For apartments, shared office amenities, including a private office/writing studio and conference space, will be a convenience they can decide to use according to choice.
Instagram worthy interiors: This trend is here to stay and, for apartments, interiors need to be planned and fitted to add quality to the property. Balcony gardens can provide a calming and relaxing atmosphere. For the necessary exercise and workout needed after living and working from home, a fitness centre and swimming pool can be an added incentive to an apartment building. For entertainment, a rooftop cinema would be ideal.
With detached houses, open space for a proper garden and perhaps installing other exercise equipment will attract a renter. Entertaining areas like outdoor kitchens or play sheds could also be beneficial.
Environment and surroundings: This will be a priority, and having a park, a good supermarket and an established school close by will be assets. Preference for areas, including community neighbours, will also be a trend that will continue for renters.
Safety and security: This is important for renters, and the accommodation should cover all safety precautions. Living in a secure neighbourhood will be a plus point for renters.
Animal-friendly accommodation: The lockdown caused an increase in domestic pets, which will impact rentals. The tenants will prefer homes with access to parks or areas for dog walking. Daycare and grooming services will further entice a tenant!
Multisensorial designing: As with many physical experiences, the effect on the mind takes longer to cure – so too with the pandemic. People, not just tenants, will be looking for places to relax completely. That is where multisensorial designing comes in – where all five senses can be involved. For properties, this could evolve into a meditation centre or just an open space on a terrace where a person can have “headroom” and release pent up emotions.
City rental rebirth: With the hopeful expectation of resuming “city-centre life” with the reopening of offices, restaurants, cultural events and entertainment centres as well as schools and universities, there will probably be a return of the rental market to cities, though it is unlikely that it will be as high as before the pandemic.
Conclusion: People are now expecting more service facilities than before. With the fast-paced world we live in, everything should be hassle-free with essential services readily available without delays while moving to new rented accommodation. Also, renting or leasing accommodation in a “renter friendly” property gives the tenant a chance to avail of attractive facilities which would otherwise be inaccessible – for example, on the spot entertainment facilities, a garden to relax in, workout equipment, restaurant or coffee shops. This is one reason why the rental market is expected to continue to prosper. Also, with the furlough scheme ending and the likely unemployment situation, rentals are expected to continue. As an expert in the field mentioned, “This demand, fuelled by a lot of uncertainty in the world, will lead more people who have not considered renting before, to do so, and it will be those landlords that champion significant innovation, that will thrive.”
