Tenants Prefer Flexibility Of Renting
Posted on 24th July 2018 at 20:26
With respect to the UK property market, many people assume that people only rent because they cannot afford to buy property. While the natural order of life in the UK has been for people to move their way on to the property ladder eventually, this isn’t the goal or a main aim in life for everyone.
In fact, a recent study undertaken by Direct Line for Business, a company offering landlord insurance, suggest that many tenants are happy with the flexibility of renting and don’t want to be burdened with the financial commitment associated with owning property.
There are 17 million people renting in the United Kingdom. With 70% of the study stating that they hold no plans to buy property, this could mean 12 million people in the UK who currently rent have no interest in buying a home or stepping on to the property ladder.
The UK attitude to renting is changing
This may be out of line with the way Britain has operated for the past half-century but it is not uncommon in other countries. If you study the German housing model, you will find that there is a higher percentage of people who rent and future generations are more likely to reside in homes that are owned by other people than themselves.
This isn’t deemed as a failure in life in Germany, it is often just a choice that a person makes based on what is right for them. There is no denying that renting offers a sense of freedom and flexibility that owning a home takes away or removes from people, so in this regard, there are lifestyle reasons to opt for rental options.
If you don’t know what the future holds (even though no one does) and you are keen to travel, take risks or be as flexible as possible to allow you to benefit from changes, you will find that renting is the ideal solution. It may be that renting is actually the more expensive option, and some studies have proven that in the present day, the right mortgage can help people save money as opposed to renting.
Every household or individual decides what is right for them
However, paying a few pound more each month is a price that some people are willing to pay if it offers them freedom and flexibility. This will impact on the rental and property market, and it is vital that landlords understand that tenants have a range of reasons to rent as opposed to buy.
There has been a movement towards thinking that people who rent cannot afford to buy. This mind-set has likely seeped into the way landlords present homes and engage with prospective tenants. Yes, for many people, the financial issues of buying property leads them to rent rather than buy but for many tenants, they rent because it is better for them and what they want to achieve in life.
If you’re a landlord, you need to know what your tenants are looking for. If you are looking for assistance when it comes to presenting your rental accommodation in the right manner, contact Strawberry Letting and Sales and we will be happy to help.
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