Manchester Market: Tenants Opting To Rent Than Buy
In the UK, there has long been a perception about the importance of owning property. Since the 1980s, owning your home has been seen as an important passage of life, and an indicator that you have moved into the world of adulthood.
The landscape of the country, in 2018, has changed considerably, but there are still many people who believe that people who rent only do so because they cannot afford to buy property. There is a sizable proportion of tenants who rent because they cannot afford to buy. It is also likely that this group of people, who would like to buy but must rent, will grow in the years to come.
There are many reasons people want to rent
However, this is not the only group of people who currently rent or are looking to rent. There is a growing number of people who rent because they decide it is the best option for them as opposed to being the only option. If you are a landlord in Manchester, it is vital that you understand your prospective tenants and it may be that the reasons you assumed people have people for renting don’t apply to the tenants looking to rent from you.
Direct Line for Business has recently carried out a study which suggests that 70% of respondents state they have no intention of buying property. With 17 million people renting property in the United Kingdom, this extrapolates to 12 million tenants stating they have no intention of buying property. As stated, this will include many people who cannot afford to buy but there will be many within this group who believe the flexibility that renting offers is the best reason to avoid owning property.
Manchester has a strong demand for rental property
In Manchester, the student market and the young professional market have always been at attractive proposition for landlords. There is a sizable demand for buy-to-let properties in Manchester purely because there are many people looking for rental accommodation in or around the city who cannot buy.
This group is now growing, and the flexibility of renting is now growing. Thanks to improving technology, the world has never been a smaller place and people have many more opportunities to travel, explore and fill their time. Owning property can act like an anchor, tying a person to a certain location and a lot of people no longer want to feel as though they need to return to a place. In modern terms, FOMO is a genuine issue, and the fear of missing out means that some people will be more comfortable renting than owning property.
Whether a tenant is keen to travel, to take different job options or they just want to avoid the financial pressure associated with property ownership, the demand for rental property in Manchester, and the UK, is going to remain and in all likelihood, rise in years to come.
As a landlord in Manchester, it is important that you realise tenants are not only renting because they cannot afford property, there are many reasons why someone is looking to stay in your home. As a landlord, you need to know your prospective tenants needs and you need to make sure that you can provide these people with what they are looking for.
At Peter Anthony, we are Manchester letting specialists and we look forward to helping you provide the best standard of service to your tenants, so get in touch.