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May 30

2019
by Millie Wickens
Renters are willing to pay more for extra space

Cheap accommodation is not always the best and tenants are ready to pay more rent for their ideal homes, a new survey suggests.

The data shows renters are willing to pay more for homes with extra space and facilities. Tenants are most likely to pay more if landlords can offer them a gym. Half of tenants would gladly pay an extra £16 a month rent for this healthy option.

Laundry facilities cleaned up as well, with 43 per cent of tenants valuing somewhere to wash, dry and iron their clothes and bedding at an additional £12 a month.

Space also comes at a premium – especially if outdoors, tenants told researchers from outdoor lifestyle firm Faraway Furniture.

They put a price of an extra £14 a month rent on a garden or other outdoor space (42 per cent); a similar £14 a month for a roof terrace (36 per cent), and £11 for an allotment (35 per cent).

Other highly valued space was room to park a car (29 per cent, £20 a month) and personal storage for bikes (6 per cent, £10 a month).

Two other ideal extras are high-speed internet (31 per cent, £19 a month) and permission to keep a pet (32 per cent, £24 a month).

The firm’s managing director Naomi Aharony said: “To get on or climb the property ladder is certainly more difficult than ever before. With sky-high prices being the biggest obstacle to homeownership, many have had no option but to rent instead.

“As people increasingly warm to the prospect of treating a rental property as a long-term living solution, they also develop a strong desire to make any rental home or flat they consider moving into as homely as possible.

“To achieve this, there is a readiness among renters to shell out a premium for a range of features and facilities. Conclusively, this research provides a real insight into the features and facilities that tenants are prioritising in their renting criteria.”