19th February 2015
Almost two thirds, at 63% of people renting a home in the UK have splashed out on improving where they live, despite the fact that they do not own it claims new research from mortgage lender Ocean Finance.
The research shows that, of tenants that have spent money on improving their home, the average spend is £641.06.
Almost one in five, or 19%, say that they spent between £751 and £2,000 on home improvements, and a further 11% admit to spending more than £2,000 doing up the home they rent.
Amongst those that have done home improvements more than half, at 58%, say that they painted and decorated. Other popular jobs include putting in new carpet or flooring, at 16%, and installing new curtains and blinds, at 10%.
Some 5% of people say they have even invested in improving the garden of the place they rent. Other tenants say they have paid for jobs including updating the bathroom or kitchen, insulating or double glazing and improving home security
The analysis also found that older tenants are more likely to spend money on the home they rent – where three quarters, at 76%, of tenants over 45 say they have done so while 80% over 55s also have..
Ian Williams, spokesman for Ocean, says: “One of the benefits of renting is supposed to be that landlords are responsible for the upkeep of the property. Despite this, the majority of tenants are shelling out – in many cases quite large amounts – on improving the home that they rent. It is clear that too many landlords are not providing properties that tenants feel are acceptable and that landlords are likely to be benefiting from the improvements their tenants are doing.”