What perks are tenants happy to pay extra for?
15 April 2019
When it comes to letting a property, most landlords would probably remain quite conservative in terms of perks included with the home to avoid pricing themselves out of the market.
Whilst the property will need to be competitively priced to get the most out of your investment, there are some perks that tenants are happy to pay a little extra for.
A new survey has questioned tenants in the UK on what features and extras they’d most like in their homes and how much they’d be willing to pay for them.
Unsurprisingly, one of the most popular choices for tenants was the inclusion of pets, with 28% of the 3,290 tenants surveyed, willing to pay an average of £24 a month to have their furry friends stay with them in rented accommodation. This figure only increases for the up-and-coming generation, with 31% of 18-35-year olds willing to pay an extra £25.55 a month.
Also high on the list of wants is high-speed internet, with 21% happy to pay £19 more a month for a home located in an area that has a strong internet speed, which is understandable with today’s world of smart gadgets and streaming.
In some rented spaces, a bit of greenery can go a long way. Properties that come with a garden, even a communal one, are in high demand with 32% of tenants willing to pay extra for a home that has access to an outdoor space. Gardens are even more valuable in some of the larger cities, as houses with gardens in the capital command up to 20% more when put up for sale.
Staying in shape is clearly a priority for a good proportion of renters today, as 41% of those surveyed said that they would be happy to pay up to £20 more a month for accommodation that comes with an on-site gym. This also means that if your buy-to-let property is located close to good leisure facilities, it could fetch a higher price.
It was also found that tenants are willing to pay more for cleaning services. There were reports last year that due to lack of time, half of millennials are paying a professional to keep their homes and 13% of participants in this survey said that they would pay an average of £28 a month more to free themselves of some of their weekly chores.
While some of these perks may not apply to every property, it is clear that landlords and developers should take a closer look at what their property has to offer, as your home may be in more demand than you think.