More than half of private renters (58%) would say they are less likely to look at a rental property if it had an Energy Performance Certificate (EPC) rating of D or below, research from Shawbrook has indicated.
Shawbrook’s findings have suggested that young private renters are particularly engaged on energy efficiency, with 72% of renters aged between 18 and 34 saying they always check the EPC rating of a property before making any decisions. This compared to 52% of those over the age of 55.
However, the research, which surveyed over 1,000 private renters, highlighted a significant knowledge gap surrounding energy efficiency ratings. Shawbrook found that just 7% of respondents felt they “know a lot” about EPC requirements, while more than a quarter (27%) of tenants said they have heard of EPC requirements but “don’t know anything about them”.
The same margin (27%) had never heard of them, while half (56%) of renters admitted to not knowing the rating of their current property.
Previous research from Shawbrook has suggested that the energy crisis has promoted more landlords to make improvements to their properties, with a quarter (26%) have made energy efficiency upgrades to help reduce energy bills for their tenants.
Commenting on the latest findings, MD of real estate at Shawbrook, Emma Cox, said: “With an unprecedented energy crisis, the energy efficiency rating of our homes has become increasingly important. However, the research also indicates that we, as an industry still have much to do in terms of educating those in the rental market on this issue.
“Interestingly young renters are paying closer attention to the energy efficiency of their properties. While we don’t know whether this is driven more by cost or an interest in sustainability, landlords should assume that it’s only going to increase in importance for tenants.
“Landlords are already making changes to their properties to support their tenants and bring their properties up to the standard that is likely to soon be expected. However, this can be a costly exercise, particularly with the increasing costs of materials and labour.”
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