83% of tenants would pay more in rent for a property that better suited their needs
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.”
Survey of 3,165 UK tenants carried out by Find Out Now (10th March 2021).