Throughout the last ten years, house price inflation has outpaced wage growth in many parts of the UK, scuppering the prospect of home ownership for many first-time buyers.
As a result, large numbers of Brits have had no choice but to opt for the private rental market as an alternative way to get on the property ladder.
With over 25% of UK households predicted to be privately rented by 2025, more and more Brits are treating rental properties as a ‘long-term’ rather than a ‘temporary’ or ‘imperfect’ solution to their living requirements. Therefore, it’s important for landlords/developers to consistently keep in mind how they can enhance tenant’s satisfaction levels outside of just meeting basic expectations when providing properties for rent.
Showerstoyou.co.uk analysed findings from ‘LSL Property Services’, who surveyed over 3,000 tenants to find out what features and facilities they would like to be included in their rental property and how much extra they would be willing to pay for them on top of their normal monthly rent.
The research found that tenants would most like pets to be allowed, with 28% willing to fork out an average of £24 more per month to have their furry friends stay with them in their rented accommodation. Thereafter, high-speed internet was a priority, with 21% of tenants happy to pay an average of £19 extra each month for it.
On the other end of the scale, a concierge service would garner the least interest, with just 3% prepared to pay an additional £20. Slightly above, 4% of renters would spend £12 a month to have storage space specifically for their bike(s).
Moreover, tenants also revealed the communal facilities they would be willing to pay more for when renting. Showerstoyou found that tenants would prioritise a gym the most, with 41% glad to pay an average of £20 more every month to conveniently exercise and stay fit on-site. Followed closely behind was a laundry facility, where 34% of renters would be content with spending an average of £10 each month to wash and dry their clothes in an allocated room.
Fascinatingly, with a lot of rental properties (particularly in cities) not having any green space – a communal garden is something 32% of tenants would be interested in having at an average cost of £10 more per month on top of their normal rent. Surprisingly, only 27% of renters would welcome the idea of a recreational or games room to relax and socialise in.
Martin, Managing Director of Showerstoyou.co.uk commented: “Property prices have certainly been unattainable for those looking to get on the property ladder over the last few years. Brits therefore have had no option but to rent. As a result, individuals have been applying similar criteria’s to renting as they would when seeking a property to buy. This research shows that there are features and facilities that renters really want and would pay a premium for. Whilst some features/facilities are prioritised over others, they all provide great indications for landlords/developments as to what tenants are expecting from rental properties going forward”.