New research from online letting agent Upad has revealed that there is a large disparity between what tenants want and what their landlords feel that they require.
The investigation questioned renters on what features they would be happy to pay more for in a rental property. In addition, it asked what amount they would be willing to pay for these features.
Most –Wanted Features
Some specific features received strong backing from tenants. For example, nearly one in four saying that they would be willing to pay more if pets were allowed in their property.
While some tenants said they would be happy to pay more rent, others felt it would be more appropriate to pay a higher deposit.
In addition, the research found that gardens, parking and furnishings were in high demand from tenants. This suggests that there may be more of an opportunity for landlords to cater more towards tenants’ needs.
Key findings from the report were:
- Almost one in four tenants would pay an average of £50 per month more in rent should pets be allowed into their rental property
- 17% cited a private parking space as imperative, with £50 again the average figure to secure this
- 18% said that they would be prepared to pay more for a garden, at an average of £69 per month in additional rent
- 15% said a furnished property was most important. Tenants questioned said that they would pay £163 more a month for a fully furnished rental property
Founder of Upad, James Davis, noted: ‘What tenants have said here is a very clear message that, generally, they’re willing to pay more in return for flexibility from their landlord. It is clear that what tenants want is something completely out of sync with what landlords think tenants want. Maybe it is time for landlords to wake up and smell the coffee.’
‘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,’ he continued.
Concluding, Davis observed: ‘Though it remains essential for landlords to strike a balance to ensure their business is profitable, this data provides foods for thought for all landlords. For experienced landlords who may have upheld the same rules for years, new landlords, or those looking to grow their portfolio in the near future, they may wish to consider how properties with a garden or designated parking can be far more attractive to prospective tenants.’