If you are a landlord, you need to know your local letting audience, and you need to know who is looking for rental accommodation in your area.
You might have a preferred tenant in mind, but if they are unwilling to pay the rental fee you want to receive, or they aren’t looking for property where you have rental property, they are no use to you.
Landlords should be aware the rental market has evolved in recent times, alongside the housing market.
The pandemic, remote working and Brexit are significant factors impacting everyday life in England these days, and it is changing the business expectations for many sectors and industries. The lettings market is not exempt.
Who do you wish to let to?
Paragon Bank states that in the past decade, the number of English households in the 55- to 64-year-old category who are in the private rental sector with an Assured Tenancy has risen by 118%.
Some of the reasons cited by the respondents include:
- 68% of people aged 55 or over said renting suited their needs or that they enjoyed renting
- 63% of respondents said they were happy to not have to worry about repairs around their home
There are benefits in letting to more mature tenants
Jamie Turnbull is the Business Director of Girlings, and he has spoken about some of the benefits that older tenants receive from renting. Some of these benefits include:
- No longer having to worry about property maintenance
- Having a secure and safe living environment
- If the tenant(s) has downsized by selling a property, they have money to use as they see fit
- Renting allows many retirement aged tenants to live in the heart of their town and centre, being closer to facilities and transport option
- Smaller properties should be easier to clean
Jamie Turnbull said; “As people age their housing needs change. Many want to live independently but also be part of a community of people so they have likeminded people to socialise with. They also want to feel safe and secure with people around them should they ever need help.”
Jamie Turnbull continued by saying; “Renting in a retirement development can offer all these benefits. It also enables people to downsize from a larger home to somewhere smaller and more manageable, releasing capital in a home if they own it. Most of our properties come with assured tenancies too so people have the same security of tenure as home ownership.”
Jamie Turnbull concluded by saying; “Renting can also be an easier way to move to somewhere new without the commitment involved with buying a home. Many people want to retire to popular retirement hotspots such as by the sea or close to lots of amenities.”
In line with Government guidelines, our Biggleswade branch is open and our and lettings personnel staff are on hand to assist you. If you have any queries or need advice on property sales and lettings then please call 01767 317799 or email firstname.lastname@example.org.