Who Lives In Private Rented Homes
Across the UK, families comprise a fifth (21%) of all Private Rented Homes with 39% occupied by single people and 40% by sharers or couples. Using Dataloft Rental Market Analytics data, we have reviewed the household make-up of renters beginning new tenancies since the start of 2020. Regional analysis highlights the larger concentrations of families in the private rented sector in the South East and East of England compared to London, Yorkshire and the Humber and the South West. Sharers and couples comprise over 40% of renting households in the South while singles are the dominant household type outside of London, the South East and East of the country. Source: Dataloft Rental Market Analytics
How is this relevant to you as a landlord? It is no new news that there is an epic shortage of rental property and as such, there has not been a better time to invest. But with the barriers to entry in place, you have to make sure you are buying the right property! There are two schools of thought to this: focus on a more saturated segment of market and try to attract some of the 40% of sharers or couples (a nice one bed house perhaps?) or offer something extraordinary for the smaller segment which will be finding tit harder to find a potential property. By taking an older style 2 bedroom and potentially re-arranging it to three bedrooms, you could minimise your initial costs while maximising your resultant revenues! This is where finding a good agent with strong relationships with local solicitors can come in handy – a probate property is ideal in this respect! There is no doubt it is a harder router but the resultant rewards should far outstrip the initial effort exerted!
For a chat about the above and seeing how WitLet and WitSell can help you, contact us on charles@witlet.co.uk or scott@witsell.co.uk. Alternatively, why not call us on 01376502500 and see how we can help you today make your next foray into the BTL market and reinvest in Private Rented Homes.
