Floor plans boost rents by up to 26% per month
Leading estate agent media provider, Giraffe360, has revealed that providing the additional perspective of a floor plan when marketing a rental property could help landlords boost their rental income.
The research by Giraffe360 analysed over a thousand rental market listings, splitting this sample by those with a floor plan, versus those without, before looking at the average cost of renting across both categories.
The research shows that the average cost of a rental property listed without a floor plan came in at £1,637 per month. However, those that did provide a floor plan commanded an average rental income £1,785 – 9% higher, or an additional £148 per month.
A floor plan made the biggest difference in the North East, where the average asking rent for properties providing such information came in 26% higher than those listed without it.
In the South West, this rental price premium was 25% higher versus properties with no floor plan, with the North West (22%) and West Midlands (20%) also seeing rental homes with a floor plan within the listing commanding a far higher rate of rental income.
However, floor plans didn’t boost rental incomes to the same extent in the East Midlands, although properties listed with one did still command a 4% rental premium, followed by London where the floor plan rental premium sits at just 5%.
Giraffe360 CEO, Mikus Opelts, commented:
“While renting is often a far shorter term endeavour compared to purchasing a property, it’s still a considerable life decision and a sizable investment for a tenant.
The rental market also moves incredibly quickly and a floor plan provides that additional, initial layer of information that can help a tenant ascertain if a property is right for them, before they waste their time and the time of the listing agent by viewing.
However, while agents invest a lot of time and money sprucing up the online image of for sale stock, the same can be said for the majority of rental listings, but as our research shows, neglecting these additional details can be costly.
Of course, this difference in rental values as a result of including a floor plan is likely to be down to one factor. The agent who takes pride in a comprehensive, consistent approach to their brand and goes above and beyond to deliver these additional services.
In doing so, they are likely to attract landlords who value such an approach and, in turn, the better quality of service and landlord leads to a better quality of rental stock and tenants. Which naturally, results in a higher level of rental income.”
