Data from a recent survey amongst tenants living in a Platinum Property Partners’ HMO (House in Multiple Occupation) revealed that 99% would consider recommending their property and landlord.
The majority of comments provided by tenants when asked why they answered this way, highlighted the quality of the accommodation and value for money it offered as well as the exceptional service delivered by the landlord.
When comparing their Platinum shared house to previous rental accommodation, 71% and 63% of tenants respectively agreed that their property is of a better quality and their landlord provides a better service.
More than 8 in 10 tenants deem their landlord friendly, helpful and approachable and over half (51%) think that their landlord goes the extra mile to make them feel at home and welcome.
Of top value to them in their shared house was having a garden (82%), the location (74%) and their fellow housemates (73%). 49% of tenants believe that there is nothing that can be improved about the property currently.
The three top reasons for renting in shared accommodation instead of alone were that the tenant’s rent is inclusive of bills (50%), therefore making it a more affordable option (45%) and due to relocation (34%).
We also asked about our tenants’ home ownership aspirations. While 1 in 10 have previously owned or still own a property, 85% would like to buy and own their own home in the future, with 13% unsure.
As the average PPP tenant pays £559 per month inclusive of bills, compared to the UK average rent of £895, they are in a much better position to save for their future goals. In fact, PPP tenants save an average of £224 a month – 29% more than the average for all private renters (£174) – with 40% saving specifically towards a deposit for their own home.
However, almost 1 in 4 tenants (24%) currently like not having the responsibility of a mortgage or needing to maintain a property and a third are saving for holidays or a rainy day fund.
HMOs have consistently made efficient use of existing housing stock while providing tenants with a more affordable and flexible renting option. Platinum Property Partners’ specialise in providing high quality and fully furnished shared accommodation which also benefits from inclusive bills and regular professional cleaning.
Steve Bolton, Founder and Chairman of PPP, commented: “It’s great to see such positive results from a tenant survey. Our Partners pride themselves on providing comfortable homes for professional tenants and key workers to live in, and they should be thrilled that all of their efforts have paid off and are appreciated.
“What’s also interesting is the fact that renting is a preferred choice for many people at certain times in their lives, when they are still unsure of where they want to settle down and want to use their savings to have fun before they commit to a mortgage.”