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WHAT WOMEN WANT
Words Michelle de Havilland
92% of home decisions are made by women!
It’s a fact. That probably doesn’t surprise most of you. Women make the majority of decisions about the home: from where to live, to managing family logistics such as school runs, weighing up other family obligations such as parents and community support, and of course choosing most of the furniture and fittings. Yet despite this amount of decision making authority, most real estate is not designed with the female occupier – buyer or tenant – in mind. The majority of the real estate sector is controlled and designed for men, by men.
As a seasoned veteran in Property who has worked on such iconic buildings as The Shard, Walkie Talkie, One New Change, One Nine Elms, Stratford Gardens and many others, I observed that women are virtually invisible in any property development decision making, design or implementation. Most realtors do not consider women as their target audience. This is not only an ethical oversight, but a major economical misstep.
Since 2018, I have collated data and undertaken extensive market analysis on how the existing London property market fails to consider the female tenant’s wants, needs or comfort. I wrote extensive data models and created a compendium of key factors that are critical to attract the female occupier. I even spent 2 years moving between various London buildings, packing up and moving every three months to identify the key differentiators on how we can improve the built environment for women in the Capital.
As the demand for housing in the Capital continues to grow rapidly, developers in both the private and social sector must reconsider what they are building and for whom they are building it.
Generation Rent
According to the English Housing Survey, 60% of Londoners will be renters by 2025. Constrained supply, expensive construction and increasing demand continues to drive London property prices up, forcing people into rented accommodation. Currently for every 10 rental properties available in the Capital, there are 15 tenants searching for a home. But there are also other factors driving rental demand. In a world of uncertainty, residents want greater flexibility, with the option to move on, up or out easily without being chained to a 25-year mortgage.
The Gender Rent Gap
When you dissect the Private Rented Sector (PRS) there is a clear Gender Rent Gap. Yes, you read that correctly. In England, on average, men spend 35.5% of their salary on rent, whereas women spend 53.4%. That’s a rent gap of 17.9%*. We have to of course account for the disgraceful 16% gender pay gap that women experience in London but even when men and women have the same income levels, the statistics remain the same. Women are clearly the Big Spenders in the rental market. So it beggars belief that the sector would completely ignore such a crucial customer base.
So how do developers attract this desirable, and untapped market?
What Women Want
In 2020 I set up a new division within Black Gate wholly dedicated to creating a property development proposition tailored for women – don’t get me wrong, this does not exclude men. But rather in a market- first, scientific approach appeals to the most lucrative target audience and key real estate decision makers – Women. Black Gate now consults on how to drive value into the Private Rented Sector and the Social Housing Sector by repurposing accommodation to be inclusive for women. And I am excited to say that we are now in the thrusts of fundraising to build our very own Black Gate female-focused developments too.
Here are the Top 5 tips to make homes more appealing to the female occupier:
Pack it Away
I can hear every woman shout in unison – storage! Please give us more closet space. Whether it’s your gorgeous shoe and handbag collection, or your dumbbells and yoga mat, or your children’s toys, we all need more storage than most new build developments offer. And nobody likes scrambling over dirty bicycles and scooters drifting in hallways. According to a study of 2,000 adults by Caboodle, 80% of women feel overwhelmed by the clutter in their homes. A single wardrobe does not cut the mustard, chaps.
Are you tall enough
And talking of cupboards: Storage units that rise to the ceiling should include inbuilt steps so women can access the full height of the space without needing to precariously teeter on the edge of the chair to reach the tomato sauce on the top shelf.
The same can be said for the height of sinks in the bathroom and kitchen counters. In the UK, the average height of a man is 5FT9IN (175.3CM) and a woman is 5FT3IN (161.6CM). So many kitchens and bathrooms are designed for taller occupants without any consideration for the predominantly shorter residents, and only limited units are built for the disabled.
Single Parents
There are around 3million single parents in the UK. Over 85% of single parents are women^. Ensuring comfortable and nurturing family homes is key to every mother and child’s success. Most new homes fail to account for teenage children and tend to offer a second bedroom only suitable for a baby or small child. By creating adult-sized second/ third bedrooms that function as more than a study or cot room would be a major win for single-parent families.
Increasingly, homes in the Capital come with walk-in showers only rather than providing baths. And while this may be aesthetically pleasing and suit the young professional, it certainly does not suit parents of young children who need baths for their infants, nor indeed those of us who love to soak in the tub after a long day.
Turn up the heat
In every office around the country, there are women shivering under pashminas as they hunch over their cold computers. The thermostat war is universal in homes and offices alike. Most buildings are set to 21 degrees – the ideal temperature for men. Women are more comfortable at 24-25C. According to Dutch Researchers, the female hormone oestrogen thickens the blood, reducing the flow to capillaries that supply the body’s extremities, which is why women tend to feel colder, especially around ovulation when oestrogen levels are highest.
As safe as houses
Crucially, at the top of every woman’s wish list for their home is: Security. According to the United Nations, over 35% of women have been victims of sexual violence. And as many as 38% of female victims are killed by an intimate male partner. Creating places that are safe for women should be the prime priority of any development – whether it is an apartment, an office, a shop or restaurant. Women are entitled to exist free from harm or the threat of violence. From CCTV to good lighting, and from onsite security to smart entry systems, women want to, and should be, safe.
By considering the female occupier, property owners and developers have an opportunity to reach an almost untapped market and could generate exponential financial gains. The upside is not just ethical, it makes economic sense.
Black Gate offers consulting services to developers, social housing & government institutes, banks, funds and investors on how to maximise their real estate assets & investments. For more information on the female occupier approach, check out www.black-gate.co.uk/whatwomenwant