31st
Jul 2017
UK landlords apparently do not know what their tenants really want according to a new piece of research that claims, there is a clear divide in what's on offer and what is wanted.
An online letting agent says that tenants do state specific requirements and would have no problem in paying more if the 'extras' are provided.
The company's research shows that 25% of tenants would be willing to pay an extra monthly fee of around £50 if their pets were allowed and 17% stated that they would pay the same amount for a parking space as it is an important pre-requisite for them.
The tenants were split between on how the extra charges would be paid for, some were happy with paying a higher monthly rent, whilst others would be willing to pay a higher deposit.
The online letting agent says that from its research, tenants' main priorities are a garden, furnished accommodation and parking spaces. The firm suggests that landlords have an opportunity to provide what their customers want.
18% of tenants would pay on average an extra £69 per month to have a garden, 15% said furnished properties was a 'must have' for them and are willing to pay an extra monthly rent of £163 for a property that was fully 'kitted out'.
The firm's founder, James Davis, said: "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 out of sync with what landlords think tenants want."
He added: "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 information 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," he added.
Richard Merrick of PIMS, said: "I can understand that tenants will always aspire to more it's human nature, however any wish list does come down to affordability..... it is as simple as that, and they are given choices when they view properties."
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