17th November 2015: 43 per cent of tenants would be happy to pay more rent if their landlord allowed them to put a more personal stamp on their property.
Brits would be happy to fork out an additional £149.52 a year, on average, according to a new survey of 1,000 tenants by insurance provider Endsleigh.
With two million private landlords, letting out five million homes in the UK that means there’s potentially an extra £530 million* in revenue out there for landlords who explicitly say they are happy for tenants to decorate.
Only 29 per cent of tenants surveyed have the freedom to decorate their property as they wish; but with a quarter (25 per cent) living in a rental property for more than three years, and one in five saying they would be ‘likely’ or ‘very likely’ to avoid inviting relatives round their home if they were embarrassed about the décor, it’s understandable that tenants want to decorate their homes.
The top five things tenants want to do to their rental property, but aren’t permitted to do are:
Just 28 per cent of tenants ask their landlord for permission to decorate but of those that do, 76 per cent of those tenants’ landlords agree to the request, despite it being against the tenancy agreement.
David Hadden, Manager – Landlords and Lettings at Endsleigh commented: “With it being so difficult to get on to the property ladder, people are now renting for longer, so naturally they are going to want to decorate the property they are living in long-term.
“Landlords who allow tenants to personalise their property could be favoured over those who don’t and may be able to command a higher rental price. If tenants feel at home in their property they may also have longer tenancies.”
For tenants unable to decorate their rental property or on a tight budget, Endsleigh has created the ‘Home Fakeovers’ hub. With help from expert design bloggers, it brings together some of the best home inspiration with a temporary touch. Visitors can select a rental restriction such as ‘I can’t put nails in the wall’ or ‘I can’t paint or wallpaper the walls’ and creative work-arounds, hacks and fake-over decorating suggestions are offered. The Home Fakeovers hub can be found here on the Endsleigh website: https://www.endsleigh.co.uk/blog/categories/home-and-living/.
In order to help with the moving process Endsleigh has also created Move Me In, a useful tool to keep on top of move tasks. Tick off to-do’s, track progress and get helpful tips for a hassle-free move via the free tool which can be found at: https://move-me.in/login.
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Notes to Editors
Endsleigh surveyed 1,000 UK tenants with OnePoll in October 2015.
*There’s a potential £530 million available to UK landlords based on there being five million rental homes in the UK. Landlords of the remaining 71 per cent of those properties where tenants don’t currently have the freedom to decorate could charge an additional £149.52 each year, to create £530,796,000 in extra revenue.
5,000,000 x £149.52 = £747,600,000
£747,600,000 – 29 per cent (the renters already able to decorate) = £530,796,000
Originally founded in 1965 to serve the student market, Endsleigh is an intermediary specialising in the provision of insurance and financial products for career people and is recognised as the leading insurance provider for students.
The company has been working in the private rental sector for over 25 years and offers landlords a comprehensive range of products including building and contents, legal expenses, loss of rent, home emergency and blocks of flats. Endsleigh also offers a market leading tenant referencing service through its partnership with Experian, the global leader in consumer data.
The company offers a wide range of services including motor, home and travel insurance, along with business insurance through Endsleigh’s Business team and financial advice through the Endsleigh Financial Advice team.
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