A survey of 3,290 tenants by estate agent Your Move has narrowed down some of the added extras that tenants would be willing to pay higher rates of rent for.
The renting population is continuing to grow as the average age to become a first-time buyer rises to 30, and this means that more people are furthering their careers, increasing their earning power and even starting families while continuing to rent. With build-to-rent on the rise, landlords need to be looking at what additional facilities and spaces they can offer in order to keep their tenants happy and renting for longer.
1. Pets
The survey, which was conducted by Your Move sister company LSL Corporate Client Department, found that 28% of tenants would pay an average of £24 more a month if it enabled them to be able to live with a pet. Younger renters were more likely to want to live with a furry friend, with 31% of 18- to 35-year-olds willing to pay an average of £25.55 more a month.
2. High-speed internet
Probably not surprisingly, this is high on the list of things that private rented tenants would fork out more for, with 21% willing to pay an additional £19 a month. This was previously in first place, but has possibly been relegated as an issue because it is something that is now a much more standard offering rather than a luxury.
3. Creche/childcare facilities
As Generation Rent gets older, more people are starting families as renters, and of those surveyed, 31% stated they would be happy to pay an average of £22 a month extra for the provision of an on-site creche and childcare facilities. Past millennials, those aged between 36 and 45 were willing to pay the most for this facility (an added £32 a month).
4. Gym
Some 41% of all the tenants surveyed said that they would pay more rent if they were provided with an on-site gym that they could use. The average amount extra that most renters would stump up is £20 a month, and again it was a more popular option among 36- to 45-year-olds than any other age group.
5. Communal garden
One thing that can be lacking in a lot of rental accommodation, particularly in cities and towns, is outdoor green space. Having a communal garden would be something 32% of tenants would pay extra for – with recent research suggesting that properties sold in London with gardens can command as much as 20% more than those without.
6. Cleaning services
House cleaning services would be beneficial to 13% of renters, according to the survey, who would pay an average of £28 a month extra for this. One report last year found that half of millennials were paying a professional to clean their home because they didn’t have time to do it themselves, so it seems demand is high for this added extra.
7. Recreational/work from home hubs
Although recreational areas and work from home hubs were an added extra that tenants would pay the least amount of extra rent for, 27% agreed they would pay an added £6-8 a month, so it is still something that landlords and developers might want to consider if space allows. Modern working has soared in the past couple of years with more people than ever spending time working from home, so this is a need that could be set to increase.
