Tenants are often willing to pay more for perks that add something special to a rental property, whether it is a garden or greater storage. But what incentives do tenants find most attractive?
Fresh analyses of findings from a recent survey of more than 3,000 tenants, has found that tenants would most like pets to be permitted, 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 earn 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 bikes.
Moreover, tenants also revealed the communal facilities they would be willing to pay more for when renting, with a gym being a top priority, illustrated by the fact that 41% of renters are prepared to pay an additional £20 on average every month to conveniently exercise and stay fit on-site.
A communal garden for flats and apartments 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.
Just over a quarter – 27% – of renters would welcome the idea of a recreational or games room to relax and socialise in apartments.
“Property prices have certainly been unattainable for those looking to get on the property ladder over the last few years. Many 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.”