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Why 2021 is set to be 'the year for good broadband' in the rental market

10 February 2021 1912 Views
Why 2021 is set to be 'the year for good broadband' in the rental market

The impact of the Covid-19 pandemic and shifting tenant requirements are reinforcing the need for good broadband in the rental market this year.

Having access to quality broadband and TV packages is highly likely to remain a top priority for renters during 2021 and there are a range of benefits for letting agencies which facilitate easy installation for their customers.

 

Rental market continues to thrive

Following the re-opening of the housing market in May 2020, demand from tenants for rental properties has been high and consistent.

A high number of tenant moves in recent months has had a positive impact on rental growth. Hamptons International reported the fastest rate of rental growth in almost five years in December.

Meanwhile, analysis from HomeLet shows that average UK rent was almost 3% higher in December 2020 than the same month the previous year, with rents continuing to grow in the vast majority of UK regions.

High demand has been driven by the impact of the pandemic and a subsequent shift in requirements as they look for homes with more space, gardens and work from home facilities.

Many renters who experienced cramped living conditions, limited outdoor space and poor working from home facilities during the first spring lockdown last year moved in their droves throughout the remainder of 2020.

With a third national lockdown currently in place, more tenants will be encouraged to look for new properties in the coming weeks and months which could help to sustain high levels of activity in the lettings market.

Tenant work from home boom set to continue

As a consequence of the Covid-19 pandemic, more tenants than ever before have been working from home since March 2020.

According to the Office for National Statistics, almost 50% of people in employment did some work at home during April 2020. By October, 24% of people were working exclusively from home.

Although there is an expectation that people will return to offices at some point, there is likely to remain a high level of remote working - at least on a part-time basis - well after the pandemic is over.

With this in mind, a property’s suitability to work from home, from available space to reliable internet, is likely to have an impact on the property choices of a high proportion of tenants moving between properties.

In the short-term, an even higher number of tenants will be working from home due to lockdown restrictions, so remote working facilities will be a high priority for the vast majority of tenants moving property now or in the coming weeks.

TV and internet installation can help agents to get deals done

With access to high-quality TV and internet becoming a dealbreaker for many tenants, letting agents can benefit from referring the best services during the moving process.

Letting agencies can partner with Virgin Media to drive a new revenue stream by referring tenants who are moving home, providing them with the opportunity to earn a fee when the tenant installs Virgin Media's pay TV, broadband, mobile or phone services.

With tenants looking to get the best TV and internet installed in their property as soon as possible, agents can facilitate this requirement by referring the best services. This saves time for tenants, reducing the number of things they need to think about and taking the hassle out of the moving process.

As TV and broadband has become so integral to people's homes, referring quality services can help letting agents to generate additional revenue and get deals over the line by providing an additional incentive to choose a specific property.

Being able to complete more deals at a quicker rate, keeping tenants happy along the way, will also have a big impact on landlord satisfaction. This can improve client retention rates and increase the chances of positive reviews and feedback.

Want to find out more about how Virgin Media can help you?

Virgin Media is a household brand, renowned for its premium products and ultrafast speeds. Its services are available in 15.2 million homes across the UK and steadily growing, with 5G mobile connectivity available in 100 locations across the UK.

Virgin Media provides estate and letting agents with a proposition to drive a new revenue stream by referring leads of homemovers which then convert into installs of Pay TV, broadband services, mobile and phone.

Agencies which partner with Virgin Media benefit from on-shore account management, as well as training and marketing support.

In 2020, Virgin Media was named by uSwitch as the Superfast Broadband speed winner for the 11th year in a row.

For further information about how you can generate additional revenue by referring Virgin Media’s services to tenants, contact: becomeapartner@virginmedia.co.uk.

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