With house price inflation accelerating beyond wage growth in many parts of the UK, an increasing number of Brits are turning towards renting
More than 25 per cent of UK households are expected to privately rent by 2025, with Brits increasingly treating rental properties as a 'long-term' solution, as opposed to a 'temporary' or 'imperfect' option.
Showerstoyou.co.uk has analysed the findings from 'LSL Property Services' (who surveyed more than 3,000 tenants) to see exactly what features and facilities they would like their rental to include, and how much extra they would willingly pay for them too.
The research revealed the number one desire was for pets to be allowed, with 28 per cent willing to spend an extra £24 per month to have their four-legged friend live with them. 16 per cent would also be happy to spend an additional £24 each month to have their own garden space too.
On the flip side, it was a concierge service which garnered the least interest, with only three per cent prepared to pay an extra £20 or this. Four per cent of renters would spend an extra £12 a month to have space to store their bikes.
The 10 features tenants would happily pay more for in a rental property are:
1 Pets allowed - 28 per cent (+£24)
2 High speed internet - 21 per cent (+£19)
3 Garden - 16 per cent (+£24)
4 Parking - 15 per cent (+£21)
5 Satellite / cable TV - 14 per cent (+£24)
6 House cleaning services - 13 per cent (+£28)
7 Balcony - eight per cent (+£23)
8 Move in furnished - six per cent (+£36)
9 Bike storage - four per cent (+£12)
10 Concierge services - three per cent (+£20)
Communal facilities would be another feature tenants would happily pay more for, with a gym the most prioritised (41 per cent would happily pay £20 more per month for the convenience).
This was followed by a laundry facility which 34 per cent happy to spend an additional £10 per month to have an allocated room to wash and dry their clothes.
With a lot of rental properties based in cities and therefore, lacking green spaces, having a communal garden is something that proved popular with 32 per cent of tenants, coming in at an average cost of £10 more per month. However, only 27 per cent would want a recreational room to relax in.
The nine communal features a tenant would be happy to pay for are:
1 An onsite gym - 41 per cent (+£20)
2 Laundry facilities - 34 per cent (+£10)
3 Communal garden - 32 per cent (+£10)
4 Childcare - 31 per cent (+£22)
5 Vegetable allotment - 30 per cent (+£7)
6 Children's playground - 29 per cent (+£10)
7 Recreational room - 27 per cent (+£6)
8 Working from home hub area - 27 per cent (+£8)
9 Games room - 27 per cent (+£8)
Martin, Managing Director of Showerstoyou.co.uk 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”.