UK rental guarantor service – Housing Hand – has revealed insights into 2022’s hottest rental sector trends, based on its extensive work with accommodation providers across the UK and Ireland.
Top of the list – landlords and tenants alike are looking for greater security and a faster, more in-depth rental experience.
“The days of renting just bricks and mortar are gone. It’s all about delivering the ‘customer experience’ now – about co-living spaces, gym membership and bills included in a single monthly rent payment, faster on-boarding and so forth. Convenience and quality are key to the whole experience.”James Maguire, Head of Sales and Business Development, Housing Hand
The company has experienced ‘huge interest’ from both tenants and accommodation providers in creating a faster move-in process that provides for a seamless tenant journey. This delivers a better experience by removing barriers to renting for tenants, and also increases revenue for accommodation providers, who can fill their properties faster. The trend applies purpose-built student accommodation (PBSA) – as well as to co-living and Build to Rent schemes.
The return of student demand has been another strong trend over the past quarter – and according to Housing Hand, it is set to continue into 2022. Housing Hand received a wave of last-minute applications from young people looking for rental guarantors for their accommodation while at university. Compared to September 2020, the number of students using Housing Hand as a guarantor was up by 69% in September 2021 – which reflects the trend of late bookings that accommodation providers have been experiencing.
“Historically, Housing Hand would experience a 15-week peak season beginning at the end of June. However, this year, we have experienced a condensed season of 7 weeks, ramping up from the beginning of August.”
James Maguire, Head of Sales and Business Development, Housing Hand
Non-EU international students booked their accommodation later than usual, with a last minute scramble for homes tied in with the relaxation of travel restrictions in the UK. At the same time as students rushed to secure their homes, accommodation providers have been seeking guarantors at an unparalleled rate too.
“We’ve seen unprecedented demand over the past quarter from accommodation providers for high-quality guarantor services. After a torrid period, including the suspension of evictions and the extension of notice periods, and defaults now topping out following Covid, it’s not surprising that landlords are looking for greater security, a trend we expect to continue into next year.”
Terry Mason, Group Operations Director, Housing Hand
Housing Hand continues to remove barriers to renting, while enhancing the experience for tenants, accommodation providers and letting agents – and has a 100% pay-out rate on all valid claims.