With a fifth (19%) of all homes in the UK being privately rented, landlords need to make sure their properties are standing out in an overcrowded market. This means they must listen to the needs of their tenants, but what property features are the most sought-after by renters?
To find out, our latest survey has asked UK renters what the most important parts of a property are for them, as well as what features they would be willing to pay more for. VP of Strategy at Molo, Mark Michaelides, has also provided top tips for how landlords can make their properties as appealing as possible to prospective tenants.
The most important property features that tenants look for when renting
Our survey asked renters to select their top five most important property features, and these were then ranked based on the number of times each feature landed in a respondent’s top five list.
Rank | Property feature | % of tenants who listed this in their top five features |
1 | Size of rooms | 52% |
2 | Double glazing | 34% |
3 | Private outdoor space | 33% |
4 | Energy rating | 30% |
5 | Proximity to work | 28% |
1)
Size of rooms
The most important feature that renters look for when choosing a property is the size of the rooms, with more than half (52%) selecting this within their top five. A quarter named this as their number one most sought-after characteristic.
2)
Double glazing
With a third (34%) of renters selecting it within their top five ‘must-have’ features, double glazing comes in second. Over half (58%) of renters also believe that double glazing should come as standard with any tenancy.
Mark Michaelides explains, “It’s not illegal to have single glazed windows in a rental property, but under the 2018 ‘Minimum Level of Energy Efficiency’ standard, landlords must ensure that their properties now reach a minimum energy rating of E in order to be livable. We expect the government to raise the minimum EPC rating to C for all tenancies in the future.
“Installing double glazing is one of the best ways to meet these requirements, so if your buy-to-let doesn’t already have it, you should think about updating your windows in the new year.”
With 30% of tenants listing good energy ratings within their top five most important property features, Mark Michaelides says, “Other ways to improve the energy efficiency of a property include insulating roofs and lofts, replacing old boilers, and investing in low-energy lighting.”
3)
Private outdoor space
Having a private outdoor space is another big appeal for renters, with 33% listing this within their top five features.
On rental property gardens Mark Michaelides says, “Properties with outdoor space can be very appealing for landlords as it’s often a selling point for renters. However, gardens do require a high level of upkeep.
“You’ll need to make it clear in your tenancy agreement who will be responsible for maintaining the area, and it’s a good idea to do routine inspections of your property just to make sure there aren’t any garden-related issues that could escalate.”
4)
Proximity to work
Rounding off the top four most important features for tenants is how close a property is to their work. 28% of those surveyed listed this within their top five features, and one-third (33%) ranked it as their number one ‘must-have’ when choosing a place to live.
Mark Michaelides says, “When finding the right buy-to-let property, landlords obviously won’t be choosing one based on a specific tenant’s workplace. However, it is important to research the area, looking for things like good transport links, schools, and amenities, which will all appeal to potential renters.”
The property features tenants are willing to pay the most for
The study has also explored which features of a property tenants would be willing to pay extra for.
A third of tenants said the number one ‘must-have’ for them would be the fact that a property is furnished, and they would be willing to pay an extra £160 per month for this luxury. This means landlords can earn an additional £1,920 each year in rent, however there will of course be initial costs involved with purchasing furniture for the property.
Renters would also be willing to pay a lot more each month if bills were included in the rent, suggesting they would pay £155 extra, meaning landlords could charge an extra £1,860 a year. Landlords need to weigh up the pros and cons here though. With energy prices subject to constant change, this could mean they end up losing money in the long run.
Interestingly, renters say they would pay around £98 per month if a dishwasher was provided with the property, despite some dishwashers costing as little as £250 to purchase new. Tenants would also pay an extra £91, on average, for strong water pressure. Water pressure boosters can be expensive, but could be worth the investment.
VP of Strategy at Molo, Mark Michaelides, says, “Landlords need to be aware of what tenants want from a property in order to keep renters happy and ensure their buy-to-lets are occupied for years to come.
“When it comes to choosing a rental property, landlords need to be looking at things like location, local amenities, the size of the rooms, and the outdoor space a place might have. They also need to make sure they’re providing basic features. For example, our study shows that 60% of tenants think quality bathrooms should be a standard with any tenancy, and 57% believe free parking should be the norm with any rental property.
“On top of this, offering sought-after extras also means that landlords are able to charge higher rents, therefore increasing their rental yield. So, adding things like a dishwasher or furnishings to their buy-to-let could see a greater return on investment over the years.”
Locations with highest rental yield
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- Calculate expected yield based on your property value
- Calculate the avg. monthly rent and compare results with any location on the map
Sources & Methodology
Data was taken from a survey of 253 UK landlords aged 18+. Survey was conducted in December 2023.
