The number of first time buyers who are struggling to get a mortgage and save a deposit to get onto the property ladder is increasing, so it’s no surprise that a large proportion of the rental property market is under the age of 35.
It would be helpful to think about how you could market your property to this age group and what types of people might be renting your property.
Young Professionals
A lot of under 35s are young professionals, maybe graduates or school leavers looking to move away from home. Many young professionals will look for a property that’s convenient to transport, as they’ll have to commute to their work. Because they are usually always on the go, many would really appreciate facilities in the property like washing machines, dryers and dishwashers. It’s always important to screen your tenants and conduct proper credit checks, though it’s unlikely that you will encounter difficulty with any tenant.
Students
Having a property near to a good college or university will be sure to bring you income. Most students are laid back when it comes to any problems to their property, however, students are known for occasionally causing breakages to property, so to minimise the impact of these accidents, you should take out landlords insurance.
Letting to the under 35s might be where the bulk of your rental income will come from, so you should be well kitted out to provide a property that is functional for young people.
If you are considering letting to younger people, marketing online can be a good tool for attracting them and it’s worth taking time to research the marketing potential of sites online.