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How Landlords Can Attract Health-Conscious Tenants

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    How to Appeal to Health-Conscious UK Tenants as a Buy-to-Let Investor

    As is seemingly tradition among British people, January is when people attempt to make good on their New Year’s resolutions to get into better shape.

    As such, the local gyms tend to get very crowded as membership rates soar during the first few months of the year. In fact, 12% of gym sign-ups happen in January.

    In addition, research from Pure Gym has shown that 79% of Britons consider their health a higher priority than before the COVID-19 Pandemic.

    So, how does this relate to buy-to-let property investment in the UK?

    According to research from Benham and Reeves, homes with their own gyms command a more considerable price tag than properties without.

    With more people taking care of their health, access to exercise facilities could become more of a priority when looking for somewhere to live.

    As such, investors may want to consider proximity to gyms when buying a UK rental property.

    Let’s look at the data in greater detail.

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      How Much Can You Expect to Pay for a Property With a Home Gym?

      The most recent research from London’s Benham and Reeves, a letting and estate agency, delved into the current property inventory for sale to reveal the cost of homes with gyms for those seeking fitness convenience this January.

      Across England, there are 25,630 homes listed for sale, but securing one comes with a steep price – the average asking price is £362,175, while homes with gyms command an average of £475,000, a 31% premium.

      This higher cost is influenced by the likelihood that homes with gyms tend to be in the upscale housing market, given the need for space and expensive equipment. However, with less than a quarter of such homes having offers or being sold subject to contract, buyers have a favourable negotiating position in the current market.

      Director of Benham and Reeves, Marc von Grundherr, commented: “The biggest problem with sticking with a gym routine is that before you can work out, you’ve got to actually get yourself to the gym. Then, when you do, you may well find that it’s packed to the rafters, so getting a proper workout done is a long and stressful process.

      “What better way of bypassing these potential problems than buying a home with a gym already installed?

      “Of course, the one drawback to having your own home gym is that they require space, not to mention a range of expensive equipment. This, unfortunately, means that homes boasting home gyms are often found at the top end of the market, and the premiums associated with them can be substantially larger than the cost of a gym membership.

      “However, most modern property developments do now provide some sort of on-site fitness facility, and this can make them very attractive for both buyers and renters alike, as they provide a middle ground between a public and private home gym. In fact, around half of all rental enquiries we receive during the month of January specify they want such a facility, although this demand does tend to subside come February.”

      Read More: Find out what to look for in a buy-to-let property with some of our helpful guides. Alternatively, you may want to learn more about freehold vs leasehold property investment.

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      Properties with Gym Facilities See Higher Rents

      As the data shows, properties with a home gym are considerably more expensive. However, the population has shown a desire for convenient access to gym facilities.

      For that reason, buy-to-let investors may want to consider purchasing a property that offers these types of facilities.

      Many apartment complexes come with on-site gym facilities. As such, tenants are willing to pay premium rents for these properties due to the convenience of having everything they need in the building.

      These types of properties are often located in desirable rental hotspots, close to amenities. For instance, the Gateway in Liverpool will be built close to the Liverpool Business District and the city centre. These New York-style skyscrapers will have gym facilities, a pool, a spa and many other attractive features that appeal to tenants wanting to take better care of themselves.

      Find Out More: Interested in investing in real estate in the UK? Check out our guide on safe investments in the UK.

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      Should You Purchase a Property With a Home Gym as a Buy-to-Let Investor?

      While tenants are willing to pay more for these types of apartments, this type of buy-to-let investment will cost significantly less for an apartment than it would if you had bought a house with a home gym.

      For instance, the prices for an off-plan property investment in The Gateway range from £167,950 to £454,950. Meanwhile, the average property with a home gym costs around £475,00.

      As a result, buy-to-let property investments in apartment buildings offer better value to investors who are looking to purchase properties that appeal to an ever-growing fitness-enthused demographic.

      Discover more about the UK rental market with some of our buy-to-let city guides:

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      Author

      Dale Barham

      Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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