What tenants want from their rental property

Tenants’ main concern when looking for a rented property is affordability, but there are some things they are prepared to pay extra for.

Estate agents Knight Frank have carried out what they claim is the largest survey of its kind into the private rented sector, in order to examine the priorities of over 3,500 tenants living in rented accommodation across Britain.

Some 65 per cent of respondents cited affordability as their main concern when it came to looking for rented property, but there are some nuances within the figures. For example, over a third of tenants said they would be prepared to live in a studio flat in a central location to ensure their rent was more affordable.

On average, tenants said they would be willing to pay 40 per cent of their gross income on rent, though 11 per cent of Londoners said they would be prepared to pay more than 50 per cent. However, only 17 per cent of those living in the North East would spend more than 40 per cent of their salary on rent.

Half of those polled said they would consider paying higher rent in a purpose built property if there was allocated off-street parking. Some 27 per cent of respondents said they would pay more for a fully furnished flat, though this jumps to 53 per cent among the under-25s. Around a third said they would pay extra for a gym in or close to the building, and the same proportion said they would pay a premium for a concierge and/or 24 hour security.

In terms of what factors are driving the rented sector, almost half of tenants said they were renting because they were saving for a deposit for a mortgage. However 32 per cent said cited the flexibility of living in rented accommodation and said they did not want a mortgage, while almost a quarter of those polled said they were unlikely to ever move out of rented properties. A further 36 per cent said they would continue to rent for more than two years.

Knight Frank head of UK residential research Grainne Gilmore says: “Our survey shows the majority of renters do not view the private rented sector as just a ‘short-term’ move.

“The dynamics of the housing market, where supply has failed to keep up with demand which in turn has played a role in pushing up house prices, has also put home ownership beyond the reach of many young workers. This, coupled with an increasing mobile and flexible workforce, has led to rising demand for privately rented property.”

Natalie Holt