This week we were asked an interesting question by a potential first-time landlord to be. They are looking to invest in property in Lancaster and before they decide on the property type they opt for, they wanted to know about the demographics of people who rent properties locally.
Whilst we could give them a great overview ( we look after over 300 properties ) and we could certainly let them know about the supply and demand issues tenants are facing, our research team decided to look at this in more depth.
Did you know across the UK, a fifth of all rental properties are occupied by families – locally in Lancaster and Morecambe this slightly higher at 22%.
Couples/house sharers account for 40% of all rental properties, whilst single people account for 38%. It really is quite spread across the board.
What is interesting though is when we look further than 63.8% of all tenants locally in Lancaster and Morecambe are under 30. Renting is certainly popular with the younger generation.
When we look at the type of properties let, 55.8% of them in our area are terrace homes and 37.3% of them are apartments. There is a big shortage of semi-detached and detached homes. Only 1.4% of all the properties let out in the area in the last 12 months have been detached properties, it is no wonder when one comes available, so many people apply for it!
First-time landlord may be tempted to buy an apartment or terrace home due to the popularity of them, however, for those looking to attract longer-term tenants, the family market is one that is worth investigating further. At JDG we have a huge shortage of 3 and 4 bedroom homes yet we have the tenants that need them!
If you would like to chat about property investment, please call me on 01524 843322
Thanks for reading
Josh