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Which Features and Facilities will Renters Pay Premium for?
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Tenants are often keen to pay more for additional perks that a property they are interested in has to offer, whether it’s extra storage or a spacious garden. However, in order to ensure a greater chance of tenants paying premium, it is imperative to consider what incentives tenants find most appealing.
Recent research collated by the LSL Property Services after surveying 3,000 tenants, reveals that tenants are mainly enticed by the permission to have pets in their property, with an impressive 28% willing to pay an average of £24 per month to keep their furry friends with them in their rented accommodation.
In addition, the more obvious factor was high-speed internet. This proved to be a priority, with 21% of tenants more than happy to spend an extra £19 each month for this.
Having a concierge service available is a slightly different option popular amongst some, with 3% willing to pay an additional £20.
Other renters were enthused by the possibility of having extra storage space for their bikes. The percentage of tenants willing to pay more for this was a marginal 1% higher than that of tenants wanting to pay extra for the concierge service.
The survey also revealed that many tenants would be prepared to pay additional fees for communal facilities when renting. The top priority was a gym, highlighted by the fact that 41% of renters said they were willing to pay an extra £20 on average every month to stay fit and conveniently exercise in their own accommodation.
34% of tenants have agreed that if a laundry facility were provided, an additional payment of £10 on top of their standard rent wouldn’t be an issue at all.
Martin Smith, Managing Director of Showerstoyou.co.uk, has commented: “Property prices have certainly been unattainable for those looking to get on the property ladder over the last few years. Brits 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.”
