Communal gyms and cinema rooms may be the fashionable extras being used to entice renters to developments these days, but rent price and location remain higher priorities for tenants, new research reveals.
A study by London agent Kinleigh Folkard & Hayward shows that 77% of tenants considered the rent on a property as the main priority, with 65% focused on the area and 51% making their decision based on transport links.
A fifth of tenants also favoured bills being part of the rent and the length of a tenancy when making their choice.
Some of the lowest priorities for tenants were shared inclusive amenities, such as a gym, cinema room and entertaining areas, at 5%, while only 7% wanted good quality mobile phone reception and 12% factored in the internet speed of the area.
The findings form part of Kinleigh Folkard & Hayward’s London Tenant Barometer, which surveyed 2,000 renters.
Almost two-thirds (64%) of respondents said that they would rather own their own home than rent, but half felt that their chances of getting onto the property ladder had dropped over the past year.
This still left a quarter that said they were happy renting, as it gave them more flexibility, and they don’t have to worry about upkeep and maintenance costs.
On average, tenants said that they expect to continue renting in London for four years and two months, while 48% assume their rent will rise over the next year. Overall, the expectation among renters is that rents will increase by 1.1% on average over the next 12 months.
Carol Pawsey, the Group Lettings Director of Kinleigh Folkard & Hayward, comments: “In recent years, we’ve seen a rise in the number of new developments offering features such as high-speed internet and communal or shared facilities.
“These are often seen as a way of attracting tenants and standing out from the competition, however, our research suggests developers need to look carefully at what impact these features will have on their bottom line and whether they will make a real difference to the appeal of their properties.”
She adds: “It’s important they don’t lose sight of what drives tenant decision-making more than anything else – price and location.”
Landlords, how do you try to attract tenants to your properties?