Tenant requirements for rental property are always changing and buy to let property investors need to keep abreast of which tenant requirements are most important to make their properties desirable.
The latest survey by Carter Jonas demonstrates the changing tenant requirements in a property and what specific features they are willing to pay a premium for.
High speed broadband is the most in demand of tenant requirements for a rental property, even more so than a modernised kitchen or bathroom
Ranked highest on what tenants would be prepared to pay more money for is a newly refurbished kitchen or bathroom
Energy efficient properties have moved up the tenant requirements list for both flat and house renters (21 per cent rank it highest in 2019) compared to previous years (just 15 per cent in 2017)
Essential Tenant Requirements
The top three ‘essentials’ for flat tenants are:
- High speed broadband
- A modern kitchen/bathroom
- Allocated parking
The three least important tenant requirements are:
- Outside space
- Blackout blinds/curtains
- Property alarm
The top three ‘essentials’ for house tenants are:
- High speed broadband
- Off-street parking
- A modern kitchen/bathroom
The three least important tenant requirements are:
- Fitted wardrobes
- Blackout blinds/curtains
- Property alarm
Features that are worth the premium
The top three features flat tenants are willing to pay more for are:
- A newly refurbished kitchen and bathroom (19 per cent)
- Outside space (14 per cent)
- Allocated parking (12 per cent)
The three features they’re least willing to pay for are:
- Communal leisure amenities (2 per cent)
- Work space (3 per cent)
- Concierge service (5 per cent)
The top three features house tenants are willing to pay more for are:
- A newly refurbished kitchen and bathroom (28 per cent)
- A more energy efficient property (20 per cent)
- A garage (19 per cent)
Three features they’re least willing to pay more for are:
- Air conditioning (3 per cent)
- Property alarm (3 per cent)
- Media/family room (5 per cent)
Source: Residential Landlord