How to get a premium price for your buy to let

LSL Property Services surveyed 3000 tenants and have found the special features that tenants would most like to have in their rental properties. These are interesting for landlords as it’s these things that could attract tenants prepared to pay a premium price.

Pets are so frequently a perceived issue from a landlord’s perspective. 28% of tenants surveyed said they would be willing to pay an average of £24 extra a month if they could have their four-legged family live with them too. With regular inspections, fully documented professional inventories and the correct check in/out procedures, Orchards Estates has minimised the likelihood of pet-related problems, with several 100 properties managed that do allow pets.

From fur babies to technology, high-speed internet is seen as a priority. On average, tenants would pay £19 per month more for properties with it.

Of least interest to the tenants surveyed, was a concierge service (3%) and somewhere to store their bikes (4%). Exercise was important to 41% of tenants who would pay £20 extra for use of a communal gym. Even a communal garden was popular with an extra £10 on average would be paid by 32% of tenants. A communal games or recreation room would be welcomed by 27% of tenants too.

On the other end of the scale, a concierge service would garner the least interest, with just 3% prepared to pay an additional £20. Slightly above, 4% of renters would spend £12 a month to have storage space specifically for their bikes.

Moreover, tenants also revealed the communal facilities they would be willing to pay more for when renting, with a gym being a top priority, illustrated by the fact that 41% of renters are prepared to pay an additional £20 on average every month to conveniently exercise and stay fit on-site.

Adam Tanner, Lettings Manager, says, “In a rural type area, as we are in South Somerset, I certainly know the importance to tenants of being able to rent with their pets. Storing bicycles and access to a garden are also a key features I get asked for regularly. The tenants looking for these specific requirements are willing on average to pay a premium to have the right things for their lifestyle. It also means they are likely to stay in the property longer and care for it well.”