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  • Writer's pictureRebecca Nixon

How Covid-19 is REALLY Affecting Tenant Plans to Buy

As Lockdown gets underway, Vaboo have released the results of a new survey  of 3100 tenants aged 18 to 65.

There has been much speculation over the trajectory of the rental market and how plans to buy have been affected by the pandemic.  Vaboo wanted to get to the bottom of how tenants really felt.  Vaboo asked if Covid-19 would mean that people would stay in their current property longer.  43% of respondents answered No and a further 29% hadn’t decided. Over 66% of tenants were worried about the idea of renting for life.

The survey uncovered that 47% per cent of tenants said they were still likely to buy after their current rental with 31% likely to buy in the next 2 years.  This is a huge untapped resource for Letting agents to turn great lettings relationships into sales – and an opportunity many are missing.

However - providing fuel to sceptics who accuse some tenants of doing too little to save for a home to buy – 26% responded that they were saving to move in the next 3-4 years and a further 20% would be in a position to buy in around 5 years.

Some 23 per cent of tenants surveyed said that they would be renting long term.  With positive engagement, great communication and superb customer service, this gives agents huge potential for long term relationships, regular income and reduction in void periods.

With 28% still unsure of what they want to do in the current climate this also provides agents with opportunities to develop long term rentals or sales conversions.  By building trust and proving they are committed to improving their renting experience, they can ensure that whatever they decide, they are the agent of choice.

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