What perks would make a tenant pay more rent?
Published on 23rd July 2018 by Laura West
Whilst location is still the key when it comes to getting the right buy-to-let investment, it seems there are other factors to consider when marketing your rental property. Tenants are willing to pay more for features and facilities that add value to them. LSL Property Services recently quizzed more than 3,000 tenants to find out what perks are the most attractive for them. Number one priority is to be allowed to keep pets, with 28% saying they would pay an average of £24 a month extra in rent if pets were allowed. After that, high-speed internet was a top priority for 21% of tenants who said they would pay an extra £19 on average for this. Bottom of the pile was a concierge service, with only 3% willing to pay an extra £20, and just 4% of tenants would spend £12 a month to have space to store bikes.
Many tenants would also be happy to pay more for communal services. In this list, having a gym was a top priority, with 41% prepared to pay £20 extra a month for an on-site gym. About 34% would be happy to spend £10 a month on average for a laundry room to wash and dry clothes. Renters are a sociable crowd, with 27% saying they would like a recreational area or games room for relaxing and socialising. A communal garden is also a priority for 32% of renters, who would pay an extra £10 for outdoor space.
Showerstoyou.co.uk managing director, Martin Smith, said the research is useful for landlords investing in new properties or upgrading existing ones. They have a clearer idea of what tenants expect from a rental property going forward and which features or services are a priority. Many people in the UK are aware that they will never afford to get on the property ladder or have no wish to. Therefore, they are applying the same wishlist to rental properties as they would if they were looking to buy their own home.
This is a handy guide for investors, as they can look at properties from the point of view of a tenant. A house of multiple occupancy which had a large garden would be an asset, as would considering using one of the rooms as a communal recreational area or maybe even equipping it as a private gym.
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