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Over half of renters would pay more for a greener home

Christina Hoghton
Written By:
Christina Hoghton
Posted:
Updated:
01/11/2021

Landlords need to be mindful of renter preferences when it comes to the green credentials of their properties

Almost all (98%) renters want greener homes and many are willing to pay extra for them, according to Lettingaproperty.com.

The rental platform found that 53% of tenants would pay more to rent a greener home, and more than half of them would pay 10% more rent.

A significant minority (8%) even said they’d be willing to pay 20% more to rent a greener home.

Jonathan Daines, founder and CEO of LettingaProperty.com, said: “We’ve heard a lot recently about the cost to landlords of making their properties greener, from replacing gas boilers with heat pumps to installing insulation.

“This survey has revealed that tenants are prepared to play their part too, with over half of renters happy to pay more for greener homes. It is overwhelmingly clear that tenants are demanding greener choices than the rental sector currently offers.”

Green leases

The vast majority of renters (85%) were happy to consider a ‘green lease’ as part of the solution to level up the rental sector’s sustainability credentials.

Green leases include clauses designed to ensure the tenant and landlord work together to improve the home’s energy efficiency, while reducing costs and environmental impact.

Tenants already expect their rental homes to deliver certain sustainability measures. For example, 95% of renters expect their property to have double glazing and 92% expect it to have loft or wall insulation. More than nine in 10 expect recycling bins as standard, while three-quarters expect LED lightbulbs.

“Clearly, renters know what they want when it comes to green credentials, ” said Daines. “And while many landlords can’t afford solar panels or heat pumps, smaller eco improvements can help properties stand out and increase renter appeal. Landlords should be mindful of this sentiment and take any steps they can to make their properties ‘greener’.”