Being a landlord is difficult and there are many factors that impact on your ability to be a success in this field. However, one aspect that virtually all landlords will agree on is that the quality of tenant in your home impacts on whether you are a success as a landlord or not. If you are a landlord in Hillingdon, do you know who you let to? At Link Up, we are pleased to assist Hillingdon landlords in running their business and we believe that focusing on finding the right tenant is hugely important.
For many years, there was a belief that the Private Rented Sector, or PRS, was for young professionals and students. These are two hugely significant groups in the rental market, but the rental market has changed considerably in recent years. The demand for rental accommodation has risen sharply and people and families from all walks of life and from all ages are looking for rental accommodation.
Families are renting privately in present day England
A recent study, the English Housing Survey, helps to outline the changes in the rental market. The study showed that 1.8 million families are renting on a private basis. This is a figure that has risen by more than one million families in less than a decade. This statistic alone should be enough to inform you that the rental market has changed and that distinct groups are looking for rental accommodation.
There is also the fact that the number of tenants who are retired has risen sharply in recent times. In the four-year period between 2012 and 2016, the number of retired tenants increased by 200,000 and the National Landlords Association, the NLA, believes this figure will treble before 2038. This is another demographic that many people may not have considered as tenants, but older people and couples are renting in greater numbers than ever before.
People in their forties are renting in significant numbers these days
There has also been an increase in the number of people in their 40s who are renting. In fact, according to the PRS, this is one of the fastest growing areas of the rental market. This group is now close to twice as likely to rent from a private landlord as they were a decade ago.
Anyone who has paid attention to the property market will not be surprised by these findings. After all, many people have been priced out of buying a home and this has created the situation where renting property is the only option that people have. In figures provided by the Department for Work and Pensions, the amount of people aged between 35 and 54 who are living as private tenants has nearly doubled in the past decade.
If you felt that students and young professionals were your most likely tenants, you may not be wrong, but you may be discounting a lot of prospective tenants. Landlords should be aware that tenants can come from all social statuses, all ages and all backgrounds. If you would prefer to let to a certain type of person, it is likely that there will be people in this group who are looking for rental property, so all you need to do is reach them.
At Link Up, we have helped many Hillingdon landlords find the tenant that is right for their needs and their home. If you are looking to let your home to a certain type of tenant, get in touch and we will be delighted to help you.