Brits willing to pay more rent for added features

A recent report from LSL Property Services surveyed over 3,000 people to find out what facilities they would pay more rent for

Showerstoyou.co.uk analysed findings from LSL Property Services.

The survey discovered that 28% were willing to pay out an average of £24 more per month, to have their pets allowed to live with them.

Thereafter, 21% of tenants would be happy to pay an average of £19 extra each month for the benefit of high-speed internet.

With regards to communal facilities, just under half of renters (41%) would opt for a gym, where they would splash out an average of £20 a month to stay fit.

With a lot of rental properties not having any green space – a communal garden 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.

Only 27% of renters would welcome the idea of a recreational or games room to relax and socialise in.

On the other end of the scale, a concierge service would garner 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 bike(s).

Over the last decade, house price inflation has accelerated beyond wage growth in numerous parts of the UK, denting the prospect of home ownership for many first-time buyers.

Consequently, Brits have had no choice but to opt for the private rental market as an alternative way to get on the property ladder.

With over 25% of UK households predicted to be privately rented by 2025, more and more Brits are treating rental properties as a ‘long-term’ rather than a ‘temporary’ or ‘imperfect’ solution to their living requirements.

In light of this, many landlords/developers are mindful of how they can enhance tenant’s satisfaction levels outside of just meeting basic expectations when providing properties for rent.