A disconnect has been discovered between what tenants look for in a private rental property and what landlords think they want.
The research, conducted by online letting agent Upad, involved questioning tenants on what features they would pay for in a rental property. A clear consensus was discovered in favour of certain features, with 1 in 4 tenants pleased to pay more if they could keep pets in the property. While some tenants were happy to pay more rent to keep an animal, others felt it would be more reasonable to pay a higher deposit.
Gardens, parking and furnished properties were also favoured by tenants, highlighting areas for landlords to focus on developing for higher yields. Tenants were prepared to pay an extra £50 per month for a guaranteed parking space, with 17 per cent citing this as their main priority. 18 per cent would pay extra money for a garden, with an average of an extra £69 suggested. A furnished property was a priority for 15 per cent of tenants, who claimed that they would spend an extra £163 per month for a fully furnished home.
Upad founder James Davis commented: ‘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 in disconnect 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.
‘Though it remains essential for landlords to strike a balance to ensure their business is profitable, this data provides food 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.’