Survey reveals what UK renters want from their homes

Survey reveals what UK renters want from their homes

9:56 AM, 29th January 2024, About 5 months ago 9

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A new survey has revealed the top features that UK renters look for in a property and how much they are willing to pay for them.

The survey from Molo, asked renters to select their top five most important property features from a list of 18 options.

The most important feature for tenants is the size of the rooms, with 52% of the respondents choosing this option in their top five.

A quarter of the renters also named this as their number one priority when looking for a property.

‘Landlords need to be aware of what tenants want’

Mark Michaelides, Molo’s VP of Strategy, said: “Landlords need to be aware of what tenants want from a property in order to keep renters happy and ensure their buy to lets are occupied for years to come.

“When it comes to choosing a rental property, landlords need to be looking at things like location, local amenities, the size of the rooms and the outdoor space a place might have.

“They also need to make sure they’re providing basic features.”

He added: “For example, our study shows that 60% of tenants think quality bathrooms should be a standard with any tenancy, and 57% believe accessible free parking should be the norm.

“On top of this, offering sought-after extras also means that landlords are able to charge higher rents, therefore increasing their rental yield.

“So, adding things like a dishwasher or furnishings to their buy to let could see a greater return on investment over the years.”

Second most important feature for renters

The second most important feature for renters is double glazing, with 34% of the respondents and more than half of the renters (58%) also think that double glazing should be a standard feature in all rented properties.

The third most important feature for renters is having a private outdoor space, such as a garden or a balcony, with 33% of the respondents listing it in their top five.

The fourth most important feature is the proximity to their work, with 28% of the respondents choosing it.

One-third of the renters (33%) also ranked it as their number one must-have feature when choosing a place to live.

‘Finding the right buy to let property’

Mr Michaelides said: “When finding the right buy to let property, landlords obviously won’t be choosing one based on a specific tenant’s workplace.

“However, it is important to research the area, looking for things like good transport links, schools, and amenities, which will all appeal to potential renters.”

The Molo survey also explored which property features renters would be willing to pay extra for – and the most popular is a furnished property, with a third of the respondents.

Renters would be willing to pay an extra £160 per month, on average, for a furnished property, which means landlords could earn an additional £1,920 each year in rent.

Other features that renters would pay extra for include bills included in the rent (£155 extra per month, on average), a dishwasher (£98 extra per month, on average), and strong water pressure (£91 extra per month, on average).


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Comments

AccidentalLandlord2024

11:33 AM, 29th January 2024, About 5 months ago

With financing and regulator costs rocketing, and therefore, rocketing rents, the issue here is whether a "feature" is affordable.

Just like any business, Landlords are happy to invest as long as there is a reasonable after-tax payback on that investment (a jacuzi @ £100pcm more per month?😅).

Chris @ Possession Friend

11:39 AM, 29th January 2024, About 5 months ago

Re - Tenants Number one Priority - size of rooms.

What Tenants want, and what they can afford, are two completely different things.
I want a big house, but can only have one as big as I can afford.
Seems a simple, strangely overlooked principle.

Chris @ Possession Friend

11:47 AM, 29th January 2024, About 5 months ago

Reply to the comment left by AccidentalLandlord2024 at 29/01/2024 - 11:33
Trouble is, Too many tenants are expecting the Jacuzzi included in the LHA allowance !

Cider Drinker

14:09 PM, 29th January 2024, About 5 months ago

I could add white goods but I’d expect to have to have them repaired due to tenant misuse.

I’d charge more than it would cost the tenant to rent the white goods themselves.

I’ll include whatever social housing includes with some extras (flooring, light fittings, curtains/blinds for example). I’d prefer to supply nothing.

Old Mrs Landlord

14:39 PM, 29th January 2024, About 5 months ago

There is no indication where in the country this survey was conducted and it came as a surprise to me that the no. 1 desire is for the landlord to provide furniture. In the region where we let properties only tenants in HMO rooms want furnished accommodation. In almost twenty years of letting I have only had one enquiry for furnished. It came from a junior doctor on a six-month placement at the local hospital. Local residents desire to make their rental as personal ro themselves as possible, starting by moving their own furniture in and asking permission to redecorate to their taste. If there is furniture left by the outgoing tenants we are almost invariably asked to remove it.

PH

18:29 PM, 29th January 2024, About 5 months ago

Prefer to let unfurnished. I have no responsibility for anything that way. If tenants want to damage anything it's their loss not mine. I also see more of a commitment from tenants when they bring their own furniture including white goods as well . I do charge a less than market rate rent to reflect the fact it's unfurnished. I've never had anyone ask if I'd furnish it before renting it.

Reluctant Landlord

10:17 AM, 30th January 2024, About 5 months ago

I will never furnish a property. I rent for the purposes of long term use, and with that comes the understanding that the tenant is responsible for everything they put into it, from white goods to furniture. Same rule in all my properties form one bed flats to 5 bed houses.
In some of my one bed properties in certain more 'interesting areas' where there is a distinct lack of fully private renters who can afford their own deposit etc, I am seriously even considering moving from carpets to lino/vinyl on all flooring - still above the level that local council/HA provide themselves (only lino in the kitchen and bathroom, bare floorboards/concrete flooring everywhere else) Benefit recipients have the ability to obtain grants and other cash handouts to allow the purchase of carpets/flooring themselves when they move into long term accommodation, along with money for cookers/fridges etc. They are all often very well versed in obtaining as much from the system as they can for their advantage, at the same time I limit my financial risk as the deposit is capped.
I also charge slightly less than market rate as the the rent is mostly made up from UC (LHA rate) but even then I make sure the tenant pays a small top up - just enough to make sure they know there is an expectation to contribute as this is the PRS and I am not a social housing provider.

Slooky

11:05 AM, 3rd February 2024, About 5 months ago

We have provided furnished accomodation 1&2 bed flats for over 20 years. We rent to people, age group 20-30's. My impression is, this age group prefer it because they don't want to spend money on furniture. They prefer the flexibility of being able to move with out the hindrance of owning furniture. It gives them more opportunity to buy fancy coffee machines etc!. One of our flats at one point needed all the furniture replaced so as an experiment we decided to let it unfurnished. The furniture which the tenant used was not attractive which made it difficult to let when they handed in their notice. They also damaged all the architraves moving furniture in and out. I also had another flat where the tenant complained about a sofa being uncomfortable because the support had gone. She wanted to replace it with a gifted one from a family member so I agreed based on the fact the existing sofa was not that stylish anymore. (The supports could have been repaired). The tenant's replacement from her aunt was even less stylish than the one which was being binned! Again when I went to let the flat when she handed in notice the sitting room did not look as nice as it could have done. I have found that tenants like to view a flat and know in an instant what it looks like rather than trying to imagine what it could look like. Finding furniture to fit specific places in a property is not always easy and you know it's never going to fit perfectly in the next property.
I don't buy new furniture (no point because if it gets ruined you can't get the money back). I buy up to date, good quality second hand as long as it has no damage or marks on it. It does take a very long time to find but it has been worthwhile. If it is true tenants would pay more for furnished I should up my rents. But I suspect the survey relates to London property and expectations of high class furniture! On the other hand if I had a house to rent I would not furnish it. Houses are mainly for family's and they would prefer their own furniture and I don't think landlords furniture would last very long with a family

Mick Roberts

16:40 PM, 4th February 2024, About 5 months ago

Reply to the comment left by Chris @ Possession Friend at 29/01/2024 - 11:47
Ha ha brilliant Chris. We think alike.

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