New research profiling tenants needs and wants out of a buy to let home gives landlords some insights into how to provide the properties tenants want to rent.
Property consultants Knight Frank have published the UK Tenant Survey 2014, which tells all about what renters expect from a buy to let home.
Top of the list is an affordable home near work or easy transport links to the workplace.
Other key considerations for renters are:
- Renters are comfortable with spending up to 40% of their monthly income on rent – but this varies between regions. Around 10% of Londoners will pay more than 50%.
- Half of renters will pay a premium for off-street parking
- A third of renters will also pay a premium for a flat in a block with a concierge or 24 hour security
Renters were also asked why they lived in buy to let homes rather than their own property.
- 44% responded that they could not afford to save a deposit or pay a mortgage
- 32% enjoyed the lifestyle and not having the responsibility of managing a home
- 28% could not afford to buy a home in the neighbourhood where they were living
- 27% could not qualify for a mortgage
- 17% had no deposit saved
The survey looks at responses of 3,500 renters living all over Britain, with a weighting towards those aged between 25 and 34 years old and those in living urban areas.
“It examines the priorities of tenants across the country when it comes to choosing a rented home, as well as looking at their preferences should they move into a purpose-built rented development,” says the report.
“Alongside this is an investigation into rents; how much of their income tenants are prepared to pay and what services and amenities for which they are prepared to pay a higher rent or additional charges.
“The results are a new and timely insight into the UK’s burgeoning private rented sector, and highlight the key trends as the market moves into a new phase with the advent of more large-scale investment.”
Download the full report©LandlordZONE® – legal content applies primarily to England and is not a definitive statement of the law, always seek professional advice.