Renting in London – survey report

//Renting in London – survey report

Renting in London – survey report

The results are in from our recent online survey in which professionals renting in London were invited to share their thoughts on their living arrangements.  We were very happy with the flow of incoming responses and intrigued by the insight we gained into present levels of satisfaction with renting in London.

The results show that most professionals live in shared accommodation rather than rent an entire property to themselves.

Share vs Rent Entire Property

The median rent falls within the £201-£250 range per week, with 17% of tenants paying over £400 per week.  68% report that they have to pay household bills in addition to rent, and these bills average £140.07 each month.

Household Bills Inclusive Rent (All Renters)

High levels of dissatisfaction

It became apparent that tenants in shared accommodation harbor higher levels of dissatisfaction with their current rental circumstances. Less than a fifth of sharers were satisfied with their estate agent, compared with about a third of tenants renting entire properties.

Satisfaction levels were slightly better (but by no means good) with landlords, with 35% of house-sharers conveying satisfaction with their landlord compared with 53% from renters of entire properties.

Property condition is satisfactory for 46% of house-sharers and 71% of non-sharers, but maintenance needs a bit more attention, with 43% of sharers expressing satisfaction with their property maintenance, compared with 71% of non-sharers.

What most tenants were satisfied with was their choice of location: 76% amongst house-sharers and 90% of non-sharers. These results are summarised in the following table:

Feature Sharer Satisfaction Non-Sharer Satisfaction
Landlord 35% 53%
Estate Agent 19% 29%
Property Condition 46% 71%
Property Maintenance 43% 71%
Location 76% 90%

Tenant preferences

The majority of young professionals intend to stay for three years or more in London:

Length Of Stay In London

There was a high level of enthusiasm for the concept of house-sharing in a professionally managed, interior designed house with all bills included, with 79% of total respondents expressing interest. Interest In Prof House Share Concept

Specific requirements and preferences for household features were noted in order to paint a more accurate picture of what kind of share-house young professionals would find attractive.

A double-sized bedroom turned out to be the most popular preference for those who are interested in share-housing.

Room Size Preference (respondents interested in prof house share)

It was found that having an en suite is a top requirement, with 81% of respondents indicating they must have one or would be willing to fork out extra rent for one.  Having a regular cleaner for the house comes in as the next most important requirement, with a 54% vote in favour.  In contrast, having a TV in the bedroom, a balcony or a garden seem to be less vital aspects – 95% are not interested in a TV, 81% are not interested in a garden and 73% are not interested in a balcony.  This makes sense as having these additional features would be likely to drive up the rent.

Desired features Unnecessary features
Double bedroom 68% desired TV in bedroom 95% unnecessary
En suite 81% desired Balcony 73% unnecessary
Regular cleaner 54% desired Garden 81% unnecessary

Conclusion

In summary, the present high levels of dissatisfaction around many aspects of rented accommodation highlights a need for professionally-managed quality accommodation at an affordable price range. This might look unrealistic due to the competing concepts of quality versus cost. However, given the receptive attitude towards house-sharing, it is possible to design a shared accommodation concept that is affordable without compromising on quality.

By | 2017-10-11T10:04:02+00:00 August 25th, 2016|Analysis|0 Comments