Gyms and cinema rooms may be the trendy extras being used to promote developments these days but the rental price remains the main priority for tenants, research shows.
Analysis by London agent Kinleigh Folkard & Hayward (KFH) found that 77% of tenants considered the rent on a property as the biggest priority, with 65% concerned about the area and 51% making their choice based on transport links.
A fifth of tenants also favoured bills being part of the rent and the length of tenancy when making a renting decision.
Some of the lowest priorities for tenants were shared inclusive amenities such as gym, cinema rooms and entertaining areas at 5%, while only 7% wanted good quality mobile phone reception and 12% factored in the internet speed of the area.
The findings were part of KFH’s London Tenant Barometer which surveyed 2,000 renters.
Almost two-thirds (64%) of respondents said they would rather own than rent but half felt their chances of getting on the property ladder had decreased over the last year.
This still left a quarter who said they were happy renting as it gave them more flexibility and they don’t have to worry about upkeep and maintenance costs.
On average, tenants said they expect to continue renting in London for four years and two months, while 48% expect their rent to rise over the next year. Overall, the expectation among renters is that rents will rise 1.1% on average over the next twelve months.
Carol Pawsey, group lettings director at KFH, said: “In recent years we’ve seen a rise in the number of new developments offering features such as high-speed internet and communal or shared facilities.
“These are often seen as a way of attracting tenants and standing out from the competition, however, our research suggests developers need to look carefully at what impact these features will have on their bottom line and whether they will make a real difference to the appeal of their properties.
“It’s important they don’t lose sight of what drives tenant decision making more than anything else – price and location.”
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