Tenants Want Green Homes

With the COP26 event being hosted by the UK in November 2021, it is no surprise there has been a focus on environmentally friendly options of late. Of course, this has long been a popular topic in the rental market, and it makes sense that many tenants are keen to live in a green home.

A new survey by an online letting firm found an interesting range of answers when it comes to the rental market and energy-efficiency:

• 98% of tenants say they would prefer to live in an energy-efficient home

• 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”

Happy tenants are of benefit to landlords

With so many tenants saying they prefer to live in an energy-efficient home, it makes sense for landlords to make changes to their rental accommodation.

At Thomas Morris, a lot of the work we do is aimed at connecting landlords and tenants, and if you can make a tenant feel happy, you’ll reap the benefits. If you are looking to connect with tenants, please get in touch, and we will be more than happy to assist you.

What are tenants looking for in a rental property?

The same study offered the following findings as to what tenants deem important in a rental property:

• 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

As you will hopefully see, there is a wide variety of changes you can make in a rental property. While double glazing is the most popular expectation of a tenant, it can be expensive. There is no denying this is a value for money expenditure, but it can often take money years for your investment to pay off. The same can be said for solar panels.

If you are focusing on the shorter-term, investing in LED lightbulbs or thermostats will likely give you a better return, while offering quick benefits to the tenant too.

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.”

If you are looking for help with any matter of the property or lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.