Property consultants Knight Frank have published the UK Tenant Survey 2014, which tells all about what renters expect from a buy to let home.
Top of the list is an affordable home near work or easy transport links to the workplace.
Other key considerations for renters are:
- Renters are comfortable with spending up to 40% of their monthly income on rent ' but this varies between regions. Around 10% of Londoners will pay more than 50%.
- Half of renters will pay a premium for off-street parking
- A third of renters will also pay a premium for a flat in a block with a concierge or 24 hour security
Renters were also asked why they lived in buy to let homes rather than their own property.
- 44% responded that they could not afford to save a deposit or pay a mortgage
- 32% enjoyed the lifestyle and not having the responsibility of managing a home
- 28% could not afford to buy a home in the neighbourhood where they were living
- 27% could not qualify for a mortgage
- 17% had no deposit saved
The survey looks at responses of 3,500 renters living all over Britain, with a weighting towards those aged between 25 and 34 years old and those in living urban areas.
?It examines the priorities of tenants across the country when it comes to choosing a rented home, as well as looking at their preferences should they move into a purpose-built rented development,' says the report.
?Alongside this is an investigation into rents; how much of their income tenants are prepared to pay and what services and amenities for which they are prepared to pay a higher rent or additional charges.
?The results are a new and timely insight into the UK?s burgeoning private rented sector, and highlight the key trends as the market moves into a new phase with the advent of more large-scale investment.?
Article courtesy of LandlordZONE