The report by the Social Market Foundation, Where next for the private rented sector? asked tenants to share what they look for in a property. Despite the high proportion of pet-loving tenants, Government statistics show only 7% of landlords market their properties as pet friendly.
The most important consideration for tenants is the monthly rent cost, a top-three priority for over half (55%) of those surveyed. This was followed by property size, in terms of the number of bedrooms, which is prioritised by 35% of renters.
As well as these fundamental facets of housing, the survey shows that when thinking about how a home meets their needs, renters value aspects that help to enhance their experience, with outdoor space alongside permission to own pets in the list of top three property priorities.
Tenants were also asked what is important about the area in which rented accommodation is located. Being close enough to work was a priority for just under one-in-four renters (38%), closely followed by public transport facilities (37%) and shops (36%).
Richard Rowntree, Mortgages Managing Director for Paragon Bank, said: “It is unsurprising that the monthly rent cost is the top consideration for tenants. With a shortage of stock seen alongside high demand for privately rented homes, this need for affordable housing reinforces the importance of investment in the private rented sector.
“It was interesting to see the value that renters place on the things that help to shape their everyday lives, such as keeping pets and outside space. The SMF study showed that tenants are likely to stay in a property for the long-term and they want to make it a real home, so we would encourage landlords to consider how they can facilitate that.
“In the current economic climate, we’re likely to see further pressure on rents but it is encouraging to know that there are things that landlords can do to improve the experience of renters. By listening to tenants and working to meet their needs, we can help to provide houses that people will be happy to call home which benefits the renters, landlords and wider community.”
