As property prices rocket in the backdrop of a turbulent economic and political climate, home ownership is increasingly becoming unattainable. As a result, many have turned to the rental market as the most financially viable living option for their foreseeable future.
With Brits now viewing rental properties as potentially long-term homes, an ever-growing number are open to paying more for ‘extras’ which will make their rental living experience as comfortable as possible.
Focusing on the UK housing market, FarawayFurniture.com analysed the latest findings from LSL Property Services plc, who surveyed 3,752 Brits who rent privately, to determine the features and facilities they would like to be included in their rental property as well as how much extra they would be willing to pay for each one on top of their usual monthly rent.
Faraway Furniture found that British renters most desire for pets to be allowed, with 32% glad to spend an average of £24.00 more per month so their furry friends can stay with them. Thereafter, high-speed internet is a significant priority for renters, as 31% are willing to splash an average of £19.00 extra each month for the privilege.
In third place, 29% would pay a further £20.00 in rent if it meant securing a guaranteed parking spot for their car.
Interestingly, given the busier lifestyle of people nowadays – 17% would entrust a house cleaning service (provided/recommended by the landlord/management) at an average rate of £28.00 each month, to wipe down and make their rental property as hygienic as possible.
Opposingly, having on-site management generated the least enthusiasm, with only 5% prepared to pay an additional average of £15.00 a month for it. Slightly above, 6% of renters are keen to fork out an added average of £10.00 a month to have an allocated storage space for bikes.
Furthermore, renters also revealed the communal facilities they would pay more for when renting.
Faraway Furniture discovered that renters place the inclusion of a gym as the most important communal facility, with 50% happy to pay an average of £16.00 every month for the convenience of being able to exercise on-site. Closely behind, laundry facilities followed, where 43% of tenants are content with spending an average of £12 more per month to have a dedicated room which contains multiple washing machines and dryers for use.
Beneficially for those with kids, 36% like the idea of an on-site childcare club and would be satisfied with spending an average monthly sum of £24.00 for the handy service. Similarly, 35% are ready to pay an average of £13 on top of their normal rent each month to use a shared children’s playground.
In terms of entertainment and relaxation, a recreational room (41%) appeals more to renters then a games room (35%). Surprisingly, only 32% would support the introduction of a working from home hub – those interested are; prepared to spend an average of £13.00 per month to utilise the space.
Naomi, the Managing Director of FarawayFurniture.com commented:
“To get on or climb the property ladder is certainly more difficult than ever before. With sky-high prices being the biggest obstacle to homeownership, many have had no option but to rent instead. Consequently, as Brits increasingly warm to the prospect of treating a rental property as a long-term living solution, they also develop a strong desire to make the any rental home or flat they consider moving into as homely as possible. To achieve this, a readiness among renters to shell out a premium for a range of features and facilities. Conclusively, this research provides a real insight into the features and facilities Brits are prioritising in their renting criteria”.
Housing Management & Maintenance (HMM). 2019. Faraway Furniture.
Available at: https://www.housingmmonline.co.uk/companies/faraway-furniture/