Proximity to local amenities is an important or very important consideration when choosing a rental home for over 75% of renters (Dataloft, Property Academy, 2021). But how are these considerations reflected in rental values ?
Taking five ‘location features’ commonly used to describe properties on the market, we calculated which of them had had the greatest influence on rents achieved since the market reopened following the Covid-19 pandemic.
For renters, being close to an 'outstanding' Ofsted rated primary school or a public park had less influence on values than proximity to a town centre. Overall, proximity to a large town centre had the biggest impact.
There were significant differences between regions. The influence of a large city is not surprising in Greater London but was also strong in Yorkshire and the Humber. Being close to a station was a major factor in the East of England and North East but only in the East Midlands did proximity to an outstanding rated primary school stand out as a strong influencer for renters. Source: DRMA, Ordnance Survey, Open Street Map