How to attract higher-paying tenants

Providing good-quality housing with stylish and well-equipped interiors is the only way to go if landlords want to attract and keep high-paying tenants, says a survey of 1,000 UK adults by Hatch Interiors.

“In tough economic times, renters are needing to see real value in return for their hard-earned money,” said Jodie Wardell, Head of BTR at Hatch Interiors, one of the UK’s leading specialists in furniture collections, bespoke interior design and build-to-rent (BTR) schemes. “With BTR adding so many properties to the market and at such a high standard, renters do have choices and will vote with their feet.

“Despite the cost of living crisis, 28.6% of renters say they would pay more for properties with higher-quality furniture, and this number goes up to 33.3% for renters who lives in cities, and jumps to 36.9% for those renters who like to socialise.”

For landlords and developers thinking about handling the furnishing themselves, the survey of 18-64-year-olds reveals that 42% of renters want their home to be professionally decorated.

“If landlords want to justify premium rent, one element they can easily control is the interiors of their properties,” said Wardell. “A stark interior with rickety or dated furniture will not appeal to the 70% of people in our UK-wide survey who feel the interior design of their home is important or very important.”

In a post-Covid world, landlords also need to consider the rise of hybrid working and its impact on homes, says Hatch Interiors, with the survey finding that 60.6% of renters want a desk in their home.

The good news for BTR developers is that 27.6% of those questioned find a communal working space appealing or highly appealing. And those who live in urban settings are even more interested in having a desk at home, with the number rising to 74%. They are also more interested in communal working space than the average renter, with 40% saying it is appealing or highly appealing.

Wardell said: “What makes people choose one property over another, if they’re in the same location? 46% of urban renters in our survey say a communal space makes them more likely or very likely to choose a place. That makes sense since 42.7% of them say having facilities to spend time with neighbours in their development is appealing or highly appealing. And 40% say quality furnishings make the difference in choosing a property, with 75.8% of urban renters say they use their homes for relaxing often, and 63.6% use their homes for spending time with family often, so it’s unsurprising that quality furnishings are a priority when choosing their new homes.”