Why do people in Lancaster and Morecambe choose to rent a home rather than buy?

This week property rental has been on everybody’s minds. Quite simply put we are running out of properties to let. It has got so desperate, Josh in our rental team is even trying to suggest that current landlords looking to expand their rental portfolios – after all, property is one of the safest investment havens at the moment.

One of our newer colleagues asked why do people choose to rent. And why do people rent houses which can cost up to £1500 pcm? It shocked her that people would do this rather than buy!

Did you know that only 52% of people rent because they can’t afford to buy yet? Often it is an issue with a lack of deposit or poor credit.

12% of people choose rental due to the flexibility it offers. We have a number of tenants paying rent over £1000 per month. Several of these families have come from overseas to work in Lancaster at the hospital and university. A client who rents at over £1500 per month does so as she intends to return back overseas in 2 years! In this instance, they really need the flexibility to leave when their job alters.

10% of people choose to rent whilst they settle into a new area. These people also often come to an area for work and before they buy, they want to get to know the area better.

There are of course other reasons – personal circumstances such as divorce (5%), between buying and selling a home (2%), studying (3%) and age (6%) can also cause people to rent.

Rental for many is a choice. Landlords should consider this when looking to invest in property. Look at the property as a home for somebody. When they are rent a home, they will stop longer. But to be a home, it needs to be in excellent condition. Savvy landlords know this…

If you would like to talk about investing in the Lancaster and Morecambe property market, please get in touch. At JDG we are here to help. Call us on 01524 843322.

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