While the COP26 event in the UK has concluded, it is unlikely that the focus on environmental matters is going to go away anytime soon. Many people want to lead a greener lifestyle, and this influences every decision they make.
A recent study has questioned tenants on environmentally friendly rental property, what they want to see in rental accommodation, and what they are willing to pay. As you would expect, Just Lets Peterborough wants to ensure you make informed decisions, and we are here to help local landlords connect with tenants.
The headline figure from the recent study is that 98% of tenants state they would prefer to live in an energy-efficient rental property. This shouldn’t be a surprise, be it for green reasons or people looking to save money, but the overwhelming level of support for this style of rental property is food for thought for many landlords.
Some tenants are willing to pay more to live in an environmentally friendly rental property
Another issue which arose in the survey which will be of interest to landlords is that many tenants are keen to pay more in rental fees to live in an energy-efficient home. If the cost savings are greater than the increased fees, tenants can still lower their overall costs, and they get the benefit of knowing their rental accommodation isn’t causing too much damage to the earth.
The key findings with respect to tenants and payments are as follows:
- 52% of tenants would be willing to pay an additional 10% to live in this style of property
- 33% of tenants said they would be happy to pay an additional 5% in rent to live in this style of property
- 8% of tenants said they would be happy to pay an additional 20% to live in this style of property
What do tenants want in an environmentally friendly rental property?
It is one thing knowing tenants wish to live in an environmentally friendly rental property, but knowing what tenants want to see in the property is another matter entirely. The main findings are as follows:
- 95% of tenants expect their rental property to have double glazing
- 92% expect their rental property to have loft or wall insulation
- 92% of respondents expect recycling bins at their rental property
- 73% of respondents expect LED lightbulbs
- 56% expect smart meters in their rental property
- 50% of tenants expect dual flush toilets
- 38% expect smart thermostats
- 26% expect solar panels and ground source heating
There is a good range of options listed here, which is positive news for landlords. While double glazing is the most popular option for landlords, it is an expensive option. If your focus is on short-term as opposed to the long-term, opting for smart thermostats and LED lightbulbs might be better for you than installing double glazed windows or installing wall insulation.
However, if you have the funds and are happy to receive benefits in the medium to long-term, these options will provide a great return.
Just Lets – Here to Help
If you are a landlord in or around Peterborough, and you need assistance in managing your rental property, we can help. We know these are challenging times for landlords, but there is a demand for rental property. When you need guidance in the local market, contact Just Lets Peterborough today, and we will be happy to help you.
You can find Just Lets Peterborough at 142 Oundle Road, Peterborough, Cambridgeshire, PE2 9PJ. Feel free to email us at peterborough@justlets.com or call us today on 01733 346255.
