On average, tenants would be willing to pay £22 a month extra for onsite creche facilities, the highest amount over any other communal facility, whilst four in ten tenants would be happy to pay for an onsite gym.
Further analysis of last year’s LSL Tenant Survey, conducted by PRSim, has revealed that nearly a third of residents (31%) would pay more for onsite creche and childcare services than any other facility – an average of £22 a month extra. Of the total Your Move and Reeds Rains residents polled, the highest spenders in this category were found to be 36 to 45-year olds, who were willing to spend an additional £32 a month above their normal rent for these services.
The survey also reveals that one of the most popular onsite communal facilities was a gym, with four in ten residents willing to pay more each month for this service. However, residents weren’t willing to pay as much for this perk: just £20 a month extra. 36 to 45-year olds were willing to pay the most in this category, and these results reveal that as residents are renting for longer, they are prepared to pay more for services that benefit their family needs and lifestyle.
Green spaces were still an important consideration for most residents, with nearly a third (32%) willing to pay for a communal garden and 30% interested in a vegetable allotment. By comparison, the less popular communal facilities residents would be willing to pay for were a games room (27%), recreational room (27%) and working from home ‘hub area’ (27%), with the average cost for each ranging from only £6 to £8 a month extra.
Martyn Alderton, National Lettings Director at Your Move and Reeds Rains, says:
“Communal living provides a sense of community, and with over a quarter of households estimated to be privately rented by 2025 and 74% of residents happy to embrace a communal living facility, our research shows that 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 residents are willing to pay more for additional childcare facilities than other communal facilities, especially considering how some families are spending up to 45% of their income on childcare costs.
“While house price inflation is rising at a far steadier rate, affordability is still a concern for many who are having to rent for longer to save up for a deposit. However, this isn’t stopping residents from considering rental properties as their long-term home. As a result, many are beginning to start families and residents are looking for specific communal facilities that will help support their lifestyle and family.”
Percentage of who would pay more for each communal service
Additional data sources: https://www.familyandchildcaretrust.org/childcare-survey-2017