We’ve recently seen a dip in the amount of people who are choosing to buy property. However, the number of properties being rented has soared from 2.4m to 3.8m, and is continuing to rise. We take a look at why people are choosing to rent more and more.
Once seen as a last resort option, renting is now something which people are embracing. Being able to try out different locations before becoming tied down to a property by renting is a great opportunity.
When buying a house, it is inevitable that you take on a lot of responsibility. If the boiler breaks down, you need to source someone who will fix it. Leaky tap? It’s either DIY or find a plumber. All of this takes time. And money. With professionals now working long hours, and focusing all their attention on their careers it can seem as if there aren’t enough hours in a day to be managing the maintenance of a house. Renting offers a solution to this. Having a landlord in charge of managing the property can be extremely useful. Being able to make one call instead of several comparing offers takes some of the pressure off managing your home.
With short term housing needs becoming ever more popular, being able to sign a 6 month - 1 year tenancy agreement suits many people. Whether moving away to university, or taking up a job in a new location, the need for these short tenancy agreements is growing more now than ever.
Looking to the future
Having had the chance to live in a dream property in the location of their choice, tenants are falling in love with their houses. They're becoming a home. Due to this, tenants are starting to see renting as a long term option. This is directly reflected in the high amount of renewals that we are seeing here at College and County.
It is obvious that renting is becoming ever more popular with a lot of people across the UK. We believe these are just some of the reasons why.
Now more than ever the opportunities for landlords and people wanting to invest in property are great. If you’re considering becoming a landlord, College and County would be delighted to help you let and manage your property. Feel free to contact us for an informal chat about your needs, and we will help to create you a tailored plan for the letting of your property.