Why an eco-friendly home can increase your chances of attracting tenants
Sustainability has been a major talking point, with the COP26 conference taking place and the numerous protests about climate change.
So, it might be unsurprising that with green issues increasingly on the political and social agenda that an eco-friendly home can be a substantial draw for tenants. According to new research, tenants are even willing to pay more for greener homes.
What did the study reveal?
A recent survey from an online platform has found that tenants would be happy to pay more for an eco-friendly rental property. According to the research, 98% of respondents claimed they would prefer a house optimised to increase energy efficiency, lower energy costs and minimise environmental impact.
A further 53% of people said they were prepared to pay more for a greener home and of those slightly over half would pay 10% more rent, and a third would agree to take a 5% rent increase. The study also showed that one in 12 people would agree to a 20% rent increase.
According to the survey, 85% of renters would consider a ‘green lease’ as part of the solution to help make the rental sector improve its sustainability credentials. Green leases include clauses designed to ensure the tenant and landlord work together to better the rental property’s energy efficiency while lowering costs and environmental impact.
What do tenants expect from their rental properties?
The survey also hinted that tenants expect their rental homes to already have some sustainable features. The vast majority of respondents – 95% – expect their rental home to have double glazing and 92% expect it to have loft or wall insulation. A further 92% of respondents expect recycling bins while 73% expect LED lightbulbs.
In regards to technology, 56% of tenants expect smart meters to be in place while 38% have the same expectation of thermostats. The research also discovered 50% of renters expect dual flush toilets, while 26% expect solar panels and ground source heating.
How can landlords make their rental property more eco-friendly?
As the research reveals that an energy-efficient home can not only help landlords attract more tenants but command a higher rental fee, it can be useful for landlords to know how to make their property more eco-friendly.
Badly insulated roofs and walls can be a major contributor to energy wastage. Good loft insulation can help make your property more energy-efficient, as well as saving between £120 and £225 annually, depending on the type of property you own and where you live, according to the Energy Saving Trust.
Install smart thermostats
Another way to keep your property warm in an energy-efficient way is by getting smart thermostats, as they keep your property heated whilst using the least amount of energy.
Energy from the sun is not only eco-friendly but also free and solar energy is a way to boost your property’s green credentials. Solar energy can also be even more effective as it’s a form of renewable energy and that means it can’t run out. You can make the change to solar energy by installing solar panels.
A newer and more energy-efficient boiler can help make your property more eco-friendly. A boiler with a larger heat exchanger will recover more heat than the older models.
Use energy-saving lighting
With respondents to the survey saying they expect LED lighting, switching to energy-saving lightbulbs will also help to make your property greener and could in turn be more appealing to tenants.
Double-glazing on windows
According to USwitch, around 20% of your home’s heating is lost through single glazed windows. Installing double glazing can substantially lower the amount of heating that is lost. This is due to its insulating barrier.
Install a water-saving showerhead
Baths are likely to waste a lot of water and showers can be the more eco-friendly option. However, a twenty-minute shower in scalding hot water might not be as energy-efficient as your shower can be. It can be a good idea to install a water-saving showerhead, which can help to reduce energy and water wastage.
To get the most from your tenancies, you need to work with an experienced, reputable letting agent. Here at Harringtons Lettings, we can help you to remain compliant. Ensuring you get the most from the tenancies of your properties.
We cover a wide range of areas across Sussex. Also offering management across the whole of the UK if required. You can find out more about us here. You can also contact us here to find out more about our services.