In the past few years there has been a massive shift from home ownership to renting, by 2021 it has been predicted that nearly a quarter of people in the UK will find themselves in rented accommodation.* This has been attributed to stagnant wages and rising house prices. An article in the Landlords Today revealed that nearly 5 million households are already living in accommodation they do not own.
In general landlords prefer to rent to slightly older renters (except for young professionals) as they have found that they are more likely to pay their rent on time and keep the properties in better condition. According to a survey by Instus Lettings the most popular prospective tenants are couples and young professionals. Among the most sought after are those tenants without children, with the least popular renters being students. Next in popularity are young single professionals and families.
Older tenants, those who have recently found themselves having to rent, and are aged over 55 tend to stay longer in rented accommodation, and because of generally having more steady life situations remain a popular choice for landlords.
If you need some help choosing the best tenant for your home then why not pop into your local branch of Intercounty to discuss our property management services which range from finding a tenant to a complete managed service.