Landlords should not waste their money on buy-to-let extras tenants do not want, says a leading letting agent. Instead of spending on luxuries like fitted wardrobes, alarms and media rooms, they should concentrate on what makes life easier for renters.
According to a survey by Carter Jonas, the essential demand from tenants is high-speed broadband.
Also ranking high on the wish list for renters is allocated or off-street parking and modern kitchens and bathrooms.
But they are not bothered about their new home having blackout blinds or curtains, alarms, fitted wardrobes or, for flats, outside space. Besides their likes and dislikes, the letting agent asked tenants about the buy-to-let extras they would pay more rent for.
The features tenants renting apartments would pay more for are:
• A newly refurbished kitchen and bathroom (19%)
• Outside space (14%)
• Allocated parking (12%)
But they are unwilling to pay more for:
• Communal leisure facilities (2%)
• Workspace (3%)
• Concierge services (5%)
The features tenants renting houses would pay more for are:
• A newly refurbished kitchen and bathroom (28%)
• A more energy-efficient property (20%)
• A garage (19%)
But they are unwilling to pay more for:
• Air conditioning (3%)
• Alarms (3%)
• Media/family rooms (5%)
Meanwhile, repeat research by property consultants Knight Frank found affordability was the top tenant test applied to buy to let by two out of three tenants, followed by location (23%) and property size (10%).
The firm explained these were the regular top preferences in traditional surveys.
