Industry News
Tenants happy to pay more rent for well-furnished properties
not only improve a landlord’s chances of finding a tenant, but it could also increase the monthly level of rental income. The rental market can be a competitive space
A
and opting to furnish property before renting it can help it stand out from the crowd. In fact, Manor Interiors found that just over a quarter of UK tenants (26 per cent) would be more likely to view a rental property if it was already furnished. A further 26 per cent of tenants also stated that they would be more likely to rent a property that was furnished over one that was not. But it isn’t just a consistent stream of tenant
demand and shorter void periods that a furnished rental home could help address. The research by Manor Interiors also found that
as many as 66 per cent of UK tenants would be willing to pay more rent per month for a well- furnished rental property. The survey responses are set out in the tables. However, well-furnished is the key term when it
comes to attracting the modern-day tenant. Manor Interiors found that 84 per cent of tenants believe the quality of furniture in a rental property was either somewhat, or very important. Suggesting that a poorly furnished property might not carry the same attraction. CEO of Manor Interiors, Farhan Malik,
commented: “A furnished rental home is always
ccording to research by Manor Interiors, experts in build-to-rent furnishing solutions, a furnished rental home could
going to carry far greater appeal amongst tenants. Largely due to the money saved on buying furniture when moving into a rental home, during what is an already expensive period once deposits and initial rent payments are made. However, it also provides a far greater level of
convenience which is something that resonates with the modern-day tenant, removing the need to spend a day or more moving large furniture items from one house to the next. Of course, the modern-day tenant also values
style and quality and so furnishing a property with below-par furniture is more likely to deter them rather than attract them. You need only look at the build-to-rent sector
to see the benefit of providing well-furnished homes for long-term tenants. These residents are more than happy to pay a premium for the wider lifestyle benefits provided by the sector and bespoke, high-quality furniture is an integral part of this offering.”
1. Would you be more likely to view a rental property if it was already furnished?
Answer
Not more likely at all Somewhat more likely Much more likely
Respondents 73% 15% 11%
2. Would you be more likely to rent a property if it was already furnished over one that wasn’t?
Answer
Not more likely at all Somewhat more likely Much more likely
Respondents 73% 15% 11%
3. How important is the quality of the furniture in a rental property?
Answer
Somewhat important Very important
Not important at all
Respondents 44% 40% 15%
4. How much more would you be willing to pay per month for a well-furnished property?
Answer A little bit more
Would not pay more Much more
Respondents 62% 34% 4%
Residents moved from HA block after fire safety defects discovered
A national housing association has moved residents out of one of its blocks in Essex after discovering the need for “significant remedial works” to correct faults in the building’s fire safety. Residents at Riverside Place in Braintree, owned
by the Home Group, were told to leave their homes after an extensive survey uncovered fire safety defects. Many residents were moved into hotel accommodation, while others moved in with family or friends. The block is understood to be about six years old. Details of the defects were not disclosed by
Home Group but the association said customer safety is always its “paramount concern”. The association houses more than 120,000 people in 55,000 properties all across the country. Matt Forrest, executive director of operations at Home Group, said: “During one of our routine
Home Group, said: “During one of our routine checks, and a subsequent extensive survey, it became clear that significant remedial works are needed at our Riverside Place properties.
checks, and a subsequent extensive survey, it became clear that significant remedial works are needed at our Riverside Place properties. “We have been working very closely with
Essex Fire Service and have put extensive safety measures in place while we carried out our checks. We have kept our customers informed throughout this process. “These investigations showed that to
complete the work required to bring the building to 22 | HMM August/September 2021 |
www.housingmmonline.co.uk
a safety standard that we are satisfied with, unfortunately, we will have to move our customers out of the building. We are aware that this will cause them significant disruption to their day-to-day lives. “It is not a decision that we have come to
lightly. However, our customers’ safety is, and always will be, our paramount concern. We will continue to engage with them every step of the way.”
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68
