Is renting long-term becoming more popular?
Recent research suggests good news for private landlords.
When compared globally, the UK now has the 10th biggest share of rental properties versus private home ownership.
Figures from a specialist rental platform show that over the last ten years, the number of rental properties across the UK has increased by 1.1 million and now represents a third of housing stock. Out of an estimated total of nearly 30 million dwellings in the UK, over 10 million of those are rented.
Industry experts are suggesting there is a generational shift in mindset towards renting. Of course, high property prices and shortages of housing stock are preventing large numbers of tenants from moving out of the rental market. However, there are large numbers of tenants for whom renting is a choice, with many preferring the freedom and convenience it offers.
With a strong, ‘build-to-rent’ sector emerging, properties are being designed with the long-term rental market in mind. Experts are predicting that renting will become the norm for an increasing number of people, with tenants remaining in rented accommodation until far later in life than has previously been the case in Britain.
If you are thinking of expanding your property portfolio, get in touch to discuss our property management options.
*Property Reporter
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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