19 Feb

Are landlords doing enough to improve properties?

Are landlords doing enough to improve properties?

The issue of making improvements to rented properties is a bit of a thorny one. Landlords want to spend as little money as possible while still ensuring they can charge a decent monthly rent; tenants, on the other hand, are understandably eager for a sizeable chunk of their rent to be reinvested in the house or flat they live in.

In reality, the frequency of these upgrades - plus the amount spent on them - is always going to be something of a compromise between the two. But new research suggests that landlords are starting to slip when it comes to keeping up their end of the bargain, leaving many renters forced to pick up the tab for essential improvements.

The study, carried out by Ocean Finance, discovered that nearly two in three people renting a home in the UK have spent money to upgrade the property despite the fact they don't own it, with the average cost coming in at a sizeable £641.06.

Nearly a fifth of those surveyed said they'd stumped up between £751 and £2,000 on improvements, while more than one in ten had spent more than £2,000 on the home they rent.

So just where is all this money going? More than half of respondents had painted and decorated, with other popular jobs including fitting new carpet or flooring (16 per cent) and installing new curtains and blinds (ten per cent). A further five per cent invested in improving their garden.

And that's not all. Other tenants chose to pay for upgrades to home security measures, updating the bathroom or kitchen, installing insulation or double glazing, and much more besides.

Interestingly, the likelihood of a renter paying for their own improvements increased with age. Some 76 per cent of over-45s admitted they had done so, rising to 80 per cent for tenants aged over 55.

Commenting on the findings, Ocean Finance spokesman Ian Williams pointed out that one of the biggest supposed benefits of renting, rather than buying, is that the landlord holds ultimate responsibility for the upkeep of the property - but that in reality, this was often proving to be inaccurate.

"The majority of tenants are shelling out - in many cases quite large amounts - on improving the home that they rent," he said. 

"It is clear that too many landlords aren't providing properties that tenants feel are acceptable and that landlords are likely to be benefiting from the improvements their tenants are doing."ADNFCR-1222-ID-801776196-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.