With home ownership figures hitting the headlines and being at a 30-year low, it would appear that the rental market is booming.
Redbrik Director Peter Lee, who heads up Redbrik Lettings, discusses the benefits of being a tenant and why renting appeals to people of all ages.
“In my role at Redbrik I work with tenants and landlords on a daily basis, which has given me a great overview of the rental market.
“Despite what you might read in the papers or watch on the news, in most cases people are actually deciding to rent a property rather than buy by choice. They are not renting because they have been forced into that position, quite the opposite, they are electing to rent as they can see many benefits from being tenants rather than homeowners.
“Young professionals like the flexibility that renting a property gives them. If they want to move City’s for employment reasons, they can do so easily if they are renting. There is no stamp duty to pay when you become a tenant and the feedback I have received from lots of clients is that they like the fact that it is the responsibility of the landlord to maintain their property and not theirs.
“One of the big draws to the rental market for young professional is that they can afford the property they want now and move in without having to save for a substantial deposit – which they would do if they were buying a property. The 20 somethings are very much an aspirational generation and they don’t like having to wait for anything. If they see a penthouse flat up for rent, they are able to move quickly and secure the property without having to save for at least a year first.
“Renting is not just for the younger generation, many of our tenants are older and they sell their property and rent in order to enjoy their retirement, travel and in some cases spend half their time living abroad.
“In addition we have families who rent in order to live within a particular school catchment area.
“It is important to remember that renting doesn’t have to be a short term thing. The industry average time a tenant remains in a property is around 19 months, however in my experience tenants have decided to continue renting the same properties for around four to five years.
“Lettings is simply another option in the property market and it is the simplicity that works really well for more people than ever.”