Last week we have been chatting to a few new property investors about what is important to tenants when they look for their rental property. We thought it was quite important to share as new landlords often confuse what is important to themselves, forgetting that ultimately they won’t be living in the home. To give you an example, one new landlord thought a quaint cottage out in a village would be a great investment as it looked really attractive!
First of all, research shows that the average age of a tenant in Lancaster is 29. Further research shows that 33% of all homes have just one resident living in them. Next consider that in Lancaster, our key employers are the universities and hospitals, both of which are close to the city centre. It makes sense that people want to live close to a larger town.
You can see on the graph above that living close to a town centre is a high priority for most parts of the country. Many people might be surprised that outstanding schools scored lower on the list. However, if you are single and aged 29, that really isn’t going to be a priority!
As we head deeper into the cost of living crisis, we predict more and more people will want to live closer to towns. They will want to minimise their outgoings through fewer travel expenses. Smaller one and two-bed rental homes will be in higher demand as they will be in theory be cheaper to heat as well as to rent.
It was an interesting finding that 75% of renters ranked proximity to local amenities as an important or very important consideration when choosing a rental home. We think this is very important for you to also consider as a potential landlord.
If you would like any advice on the buy-to-let market, please call us. Ask to speak to John or Josh and we’ll let you know what they think is a great buy!
Thanks for reading
Josh