Home ResidentialRental 83% of tenants would pay more in rent for a property that better suited their needs

83% of tenants would pay more in rent for a property that better suited their needs

by LLP Editor
16th Mar 21 11:15 am

UK rental properties don’t meet the needs of modern-day tenants, with the vast majority (83%) stating they would pay more for a property that did.

That’s according to a study commissioned by build-to-rent specialists, Ascend Properties, which found 81% of tenants don’t think rental market stock is up to scratch in today’s world.

When asked as to why, 24% stated they didn’t provide enough outdoor or garden space, with a further 20% stating they were also too small inside.

A lack of parking was an issue for 19%, while privacy due to having to share and a lack of natural light also ranked high (10%).

However, when it comes to the deciding factor when choosing a rental property, quality of life still comes second to the price of a rental property, with 26% stating it as the main factor when choosing a place to live.

Location (23%), size (20%) and the availability of outside space (14%) also ranked high.

Despite price ranking as the deciding factor for many tenants, Ascend’s research also shows that 83% of tenants would pay more in rent for a property that better suited their needs.

One potential reason for the current level of tenant dissatisfaction could be due to the fact that just 41% were aware of the build-to-rent sector and the far superior offering it presents to residents.

Previous research by Ascend found that BTR stock has increased by 135% since 2017 alone highlighting the steep growth of the sector. However, as a fairly new offering, it still accounts for just 1% of rental market stock which might also explain why tenants are largely unaware of it.

Managing Director of Ascend Properties, Ged McPartlin, commented: “It’s hardly a surprise that so many tenants are still unaware of the build-to-rent sector although we’ve made some considerable headway in just a few short years. What’s also clear is that many renters feel that traditional rental stock simply doesn’t meet their needs and with more of us renting for longer, they want a property that is better suited to the modern-day world.

“This has been the driving force behind the build-to-rent sector and the provision of properties that residents want to live in, rather than make do with. The combination of privacy, community, modern-day living standards, amenities and space are the foundations of all build-to-rent developments and our research shows residents are also happy to pay more for a place they love to live within.”

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