Character of Rental Market is Changing

Yesterday it was reported that the increase in people living in inner cities has changed the character of tenants who live in both rural and urban areas. It has been argued that cities have now become more popular for young professionals and students, whilst couples and young families are starting to join the retired communities in rural towns and villages. However, due to the recession the amount of houses being built is not enough to meet the high demand from private renters in both areas.

Paul Collins, who owns the Lincoln office of residential lettings specialist Belvoir, has said “People are changing their attitudes to home ownership. A growing number of retired people for example are going against historical pattern. As part of their downsizing plans they are choosing to sell or rent out their home and then going on to rent a smaller ‘dream property’ of their own. But the economy has slowed down new-build residential programmes. So there just isn’t enough housing to keep pace with demand at a time where new generations of younger and older tenants are developing a taste for renting.”

Mr Collins went on to say that city block apartments are currently so popular that they can be taken off the market within days, especially in cities where there is a large student population. “There can be a queue of tenants waiting for each property,” said Collins, “City centre living will continue to thrive because young people want the bars, cafes, and shops.” However, he went on to note that young families that are choosing to move to more rural areas are changing the environment, as they want more amenities whilst living the country lifestyle. “Their expectations are higher than before,” said Mr Collins, “They want schools, shops, gardens and parking space. They are looking for high standards of living and properties that are, perhaps, better than they can afford to buy.”

For those that are thinking of moving in the New Year, maybe now it’s a good time to consider whether it’s time to move from the city to the country or vice versa. If you are a landlord make sure your landlords insurance is intricate enough that it covers all your properties, whether they are in urban or rural areas.

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