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Consumer trends: homeowners vs renters, how to target consumers on and off the ladder
November 20, 2018
3 min read
How do the behaviours of homeowners differ from those of renters? What are their keenest interests? And which brands resonate most with them? This Consumer Index takes an in-depth look at these two groups, to better understand what makes them tick, and how brands can successfully target them.
The Attest consumer trends reports are in-depth explorations of a predefined consumer group. Consumers who self-identify with the behaviours or demographic categories of this group are surveyed and asked about their market-specific views, and consumer habits more generally.
The preferred brands, influencers and social media platforms, as well as their priorities when considering and making purchases are all interrogated in a consistent format within each consumer trends report.
This report includes:
Behaviours and interests of homeowners and renters, specifically their sentiments towards property brands
Social media and shopping habits of these consumer groups, across all markets
Market and brand awareness
Key takeaways for brands looking to target these unique segments of the market
Top 10 property brands according to homeowners:
David Wilson Homes
Top 10 property brands according to renters:
William H Brown
Homeowners are some of the most affluent consumers in the market, this is especially true of the younger generations of homeowners for whom it’s significantly harder to take that first step onto the property ladder. While less homeowners than renters are looking to move in the future (16.8% don’t believe they’ll move house again), those that do are substantially more likely to remain on the property ladder, with 71.1% claiming their next move will be to another owned house.
Meanwhile, the substantial rental market cannot be ignored. With only 11.8% of this consumer group claiming they’re unlikely to move house in the future, renters represent a significant opportunity to lettings brands. Even for estate agents, securing loyalty with this group, could mean you are front of mind for the 43.5% of renters who envisage purchasing their next property.
Renters and homeowners have some significantly divergent opinions, habits and sentiments to each other. For instance, the motivating factors driving renters to move (namely lower price of rent) are far from the minds of homeowners who would more likely move for a larger property, better location and even a larger outdoor space before they prioritise a lower mortgage.
There are, however, points at which other demographic divisions (including gender and location) account for a greater difference in results than the status of their home ownership. The priority of low fees, and unimportance of the familiarity of the agent, when they’re in the market for a new property, is just one example where the difference between the priorities of homeowners and renters is almost non-existent.
Understanding the points at which opinions converge and diverge will be vital for brands wanting to differentiate themselves from competitors, and stand out to individual segments of the market.
With the UK property market as fragile as it has been in recent months and years, as well as substantial competition to traditional agents offered by low- or no-fee, hassle-free online providers, it’s more important than ever for property brands of all shapes and sizes to be tracking the sentiment of their key consumers.
Our in-house marketing team is always scouring the market for the next big thing. This piece has been lovingly crafted by one of our team members.
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