Marketing experts have long factored personality types into their strategy when looking to promote a brand or new product to a target market.
We aimed to investigate the role tenant personality plays when it comes to choosing accommodation within the private rented sector.
The overall findings emphatically confirmed our understanding that income and age are the two top determinants when tenants are choosing where and how to live. Where we expected personality to play more of a role was when it came to property features and amenities. In short, different personality types would prefer different amenities.
In order to establish if this was the case, we used targeted questions in the survey, enabling us to profile each respondent into one of eight personality types that we modelled in-house.
We found a high level of consensus between personality types in their priorities.
Across all personality types, tenant priorities are more focussed on internal factors, amenity within an apartment – than external factors such as local shops.
We were clear on our questioning here. Rather than ask what tenants would ‘like’, we asked what they would be prepared to pay extra for in terms of rent. The top three answers were very similar across our eight personality types, as shown in the chart, perhaps more so than we expected.
However, what started to become clear is that how, across all personality types, tenant priorities are more focused on ‘internal’ factors – amenity within an apartment – than ‘external’ factors – such as local shops.
The biggest exception to this is secure parking, which was a top-three priority for all but the extroverted negotiator, the most sociable of all personalities, where (perhaps unsurprisingly) the preference is instead for a communal roof-garden.
The majority of additional amenities are also ‘internal’ – occurring within the rental unit.
Where the trend becomes clearest however, are in the amenities which are ranked as
‘low-priority’, for which many tenants would not be prepared to pay extra. Most of these are amenities within the building or in the wider environs.
This is not a suggestion that these amenities will not help attract tenants to a scheme, indeed developers are reaping the benefits of placing increasing emphasis on place-making and building experience. Yet our survey results suggest there is a less clear correlation between some external amenities and rental premiums, compared to some internal amenities listed below.