Tenants would pay more for creche than gym
Nearly a third of tenants (31%) would pay more for childcare services than a gym when renting a property.
While the average amount they’re prepared to pay stands at £22 a month, the highest spenders in this category were 36-45-year-olds who were prepared to pay an additional £32 a month on top of their rent for a creche service.
The research, conducted by LSL PRIsm, part of YourMoney, found that the most popular onsite facility was a gym, with four in ten willing to pay more for this option. But they’re only prepared to pay an extra £20 a month. Again those in the 36-45-year category are willing to spend more.
Green spaces are still an important consideration for most tenants, with nearly a third (32%) willing to pay for a communal garden and 30% interested in a vegetable allotment.
In comparison, tenants are less willing to pay for a games room (27%), recreational room (27%) and a ‘working from home’ area. However, these are much more affordable, adding an average cost of £6-£8 a month on top.
Martyn Alderton, national lettings director at Your Move and Reeds Rains, said: “Communal living provides a sense of community, and with over a quarter of households estimated to be privately rented by 2025 and 74% of tenants happy to embrace a communal living facility, our research shows this is likely to grow in importance.
“A way of life usually associated with younger generations, these figures show this isn’t necessarily the case and it is interesting to see that tenants are willing to pay more for additional childcare facilities than other communal services, especially considering how some families are spending up to 45% of their income on childcare costs.”
Alderton added that with house price inflation and affordability a concern, many people are having to rent for longer to save up a deposit to buy a property.
“However, this isn’t stopping tenants from considering rental properties as their long-term home. As a result, many are beginning to start families and tenants are looking for specific communal facilities that will help support their lifestyle and family,” he added.