Attracting young renters – Tips for landlords

Recently published figures from the Office of National Statistics have shown that the number of young renters in England has risen substantially over the past 13 years.

The figures have come from The Office of National Statistics’ Social Trends 40 report; a study which has followed housing trends for over 4 decades.

In the report, the ONS identifies that younger households (those with residents under the age of 30) now represent almost half (49%) of the entire private rental market in England. This is a substantial jump from 1997 when the figure stood at only 30%.

The increase in the number of young people renting property provides landlords with a great opportunity to expand their portfolio, or make better use of their existing properties.

Anything that landlords can do to attract younger people could mean the difference between them renting out their property or not. Renting to a younger audience could provide landlords with reliable and responsible tenants for years to come.

But landlords beware; it’s easy to fall into the trap of stereotyping younger renters. The reality is that they represent a huge social spectrum including: university students living in multiple occupancy properties, professional high earners, couples moving in together for the first time and families with children. To make a property appealing to a younger audience, it’s important to know what makes them tick.

Landlords that want to profit from this growing market can do so in a number of ways. A good place to start is to look at the areas in which your properties are located.

•  Not in a university town? Well no need to fret, there are still plenty of young people around looking for places to rent. If your property is close to a train station or on a major bus route to a town or city centre then you could be perfectly located to attract young professionals.

•  On the other hand, those owning rural property could be ideally situated for young couples or families looking for affordable housing out of town.

 A small amount of investment can also go a long way.

•  A lick of paint, some new furniture (even if it isn’t new to you) and a few homely touches can transform your property from a standard rental house or flat to the ideal living space for young people. Don’t forget to decorate the interior of your property with your ideal tenants in mind.

And finally; think about where you are advertising your property for rent.

The internet is a fantastic tool for attracting new tenants with many sites allowing you to list your property for free. Online listings can help you to cast a broader net and access potential renters that would otherwise be inaccessible.

With all of this in mind, don’t forget how important it is to protect you and your investment. GuardStone Landlord Insurance can give peace of mind to you and your tenants in the event that accidents happen.