29 Jul 2022

Boost values – floor plans increase rents up to 26% monthly

Giraffe 360 have discovered that, when marketing a rental property, adding a floor plan to the listing can significantly boost the rental income of landlords.

Landlords can choose to create these themselves with the help of image software or get a professional to design them for their property portfolios. Those who make use of these could increase their values by up to 26% each month.

By analysing more than 1,000 rental market listings, splitting the sample into property listings with and without a floor plan, then looking at the average cost of renting across both samples, the estate agent media provider was able to accumulate these results.

Property price increases across England

The results show that certain parts of England benefit from having floor plans more than others. The results in North East England were the most rewarding as the average rent for properties providing floor plans were 26% higher than those listed without it.

The rental price premium was 25% higher across the South West, 22% higher in the North West, and 22% higher in the West Midlands.

Floor plans only slightly boosted rental incomes in the East Midlands and London. Across the capital, the floor plan rental premium sits at just 5% while it only commands a 4% rental premium in the East Midlands.  

Overall, those that did provide a floor plan commanded an average rental income of £1,785, £148 more than the average rental property listed without a floor plan.

Giraffe360 chief executive officer, 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.”

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