A new survey by an online letting firm found an interesting range of answers when it comes to the rental market and energy-efficiency, and the most important take-away for landlords is that 98% of tenants say they would prefer to live in an energy-efficient home.
If you are a landlord and you have been debating whether investing in energy efficiency improvements is worth it when connecting with tenants, this finding should provide you with some confidence.
There is no denying that green improvements to a home can be costly, but when you consider the short and long-term impact, there are genuine reasons why a landlord should consider making these changes to their rental accommodation.
Tenants are willing to pay more for a greener home
The biggest motivation for landlords to make these changes to their rental property is because many tenants are willing to pay higher rental fees for a greener rental property. Therefore, while you will likely have to spend money at first, there is a strong chance that this outlay will be returned.
The findings of interest for this matter from the study are:
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
85% of tenants say they would be happy to consider a “green lease”
What sort of things do tenants want to see in a greener rental property?
If you are going to make changes to your rental property, it makes sense to know what people are looking for. The most commonly cited improvements 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
If you are on a budget or don’t have much time to spare, options such as LED lightbulbs or smart thermostats will be of benefit. If you have more time and money, installing double glazing and wall insulation will be a smart investment.
Jonathan Daines is the founder of the company behind the survey, and he said; “We’ve heard a lot recently about the cost to landlords of making their properties greener, from replacing gas boilers with heat pumps to installing insulation. This survey has revealed that tenants are prepared to play their part too, with over half of renters happy to pay more for greener homes. It is overwhelmingly clear that tenants are demanding greener choices than the rental sector currently offers.”
For all rental market enquiries in Great Dunmow, please feel free to call us on 01371 874005 or why not email us at firstname.lastname@example.org. With considerable experience in the local housing market, and free valuation services, we look forward to helping you make an informed decision when you move in or around Great Dunmow.