Many investment landlords spend a lot of money polishing a property ready to let it out for a premium price. Is this a good idea?
They are invariably then going to restrict the tenants to those who do not have pets!
In doing so, they’re excluding the one in four potential tenants who would be willing to pay on average £50 more a month in rent, or a higher deposit for a property which would allow their pets.
What else are tenants willing to pay extra for?
Parking – Again, one in four of those questioned said they would pay extra for a guaranteed parking space. 17% went as far as to say it was the most important thing, which is unsurprising given the amount of multi-storey townhouses which have been portioned off into flats, leaving city and town residential parking scarce.
Garden – 18% of respondents would be willing to pay more – on average £69 a month.
Furnished – White goods and furniture add up to a potential monthly rent increase of around £163, according to the 15% who said a fully-furnished property was most important to them.
Upad’s founder James Davies said while tenants have voiced their opinions on what they want and what they’d be willing to pay to get it, the message isn’t getting through.
“While many landlords diligently stick to no pets rules or don’t feel there’s value in providing even white goods to their tenants, the evidence is there to suggest they could improve their yields by relaxing their stance on this and looking at what else tenants want.”