A new research suggests tenants know what they really want and they’re happy to pay for it. So landlords, listen up, make some notes and rent your property out in no time.
Online letting agent Upad put a study together that had a closer look into what renters really want from their home and found that landlords are generally out of touch with those living in their investment properties.
Whilst opinions were split whether these additional charges should happen in the shape of a higher monthly rent or a bigger deposit, 25% of respondents said they’d be more than happy to pay an extra £50 every month to bring pets into their homes or have a secured parking space. For up to date statistics click here.
Other high-rankers in the list of “tenant wants” were gardens, parking in general and homes with furniture, giving landlords some insight into which areas they could try to improve.
Having access to a garden ranked surprisingly highly as 18% said they would pay an additional £69 per month to have a little bit of their own green bit of nature. Another 15% said furniture was the most important thing, and they were also the ones who’d happily spend the most, an additional £168 every month to live in a furnished place.
This is a clear statement which shows that renters are willing to pay more for rental property. But only if they get more in return. Modern tenants, millennials, are looking for renting to be an exchange rather than a one-sided business.
And whilst it is more than reasonable for landlords to assure their investment property is profitable, it might also be time to have a closer look at options they could provide to their tenants. Especially considering these options don’t need to be some kind of charitable act, but an improvement for which a landlord can then charge a higher rent, earning them a better yield.
James Davis, founder of Upad, commented the findings:
“While many landlords diligently stick to no pets rules or don’t feel there’s value in providing even white goods to their tenants, the evidence is there to suggest they could improve their yields by relaxing their stance on this and looking at what else tenants want.”