News flash: renting is no longer only for the young. More than half of tenants are now over 30 and a third of them have children, according to the English Housing Survey. Thanks to Britain’s housing crisis, older renters and families are the fastest growing tenant types. In fact, rental homes around top schools nowadays demand a premium on a par with that in the sales market. Once it was a given that little Oliver and Amelia’s parents owned their home; now they might well be renting it.
Diversity is on the rise at every level of the lettings market. In London, a new breed of lifestyle renters with mid to high incomes choose to rent, even though they could buy, as they want to be free and mobile without worry about upkeep. These renters will pay as much as 80% more than an area’s going rate for a swanky new build let, the property giant CBRE has found. At the same time, government data shows almost a fifth of working private renters get housing benefit – a figure that has more than doubled in the six years since the financial crisis.
This all brings new intricacies to letting. Even if you never meet your tenants, providing their temporary home requires you to have some idea of how they live. Only then can you manage well.