Young tenants are popular with landlords for a number of reasons. With more young people renting for most of their adult lives, millennials provide investors with a long-term source of income, and tenants who are proud of their rental home.
Many people of the so-called ‘generation rent’ are satisfied with the fact that they will be renting for life and have chosen not to save for a deposit for a house and instead spend that money now. This often means that they are willing to spend more on their rental home. Rents are rising across the UK, and this younger generation are the ones who will be shouldering this burden. However, more young people than ever before have travelled the world and are used to a way of life where renting is the norm and home ownership isn’t held in such esteem.
Renting isn’t always viewed as a bad thing by younger people either. Many young people enjoy the freedom of renting a property and knowing that if there are any issues, their landlord can fix it. Offering easy and hassle-free options like a speedy maintenance service and optional cleaning services or rent inclusive of bills will appeal to young people as their busy lives leave them with little time for these extra things.
Recent figures have shown that young people will be in rental accommodation for longer than ever before. It is predicted that a 25-year-old single person who wants to buy a property in London will have to wait until they are 54 to be able to afford it. Saving for a house will take decades, so many young people are choosing to pay for higher quality rental accommodation and give up on the British house building idea. Extra features and amenities like on-site gyms, recreational spaces, and even swimming pools are making the UK rental sector far more similar to serviced apartments that are popular in other places around the world. For landlords wanting to charge more, these kinds of additional features are great for earning more rental income.
It’s commonly accepted that young people aged 18-25 are more open to modern layouts and open-plan kitchens. As this age group is often more social, having large open plan areas to entertain is a popular choice. Young tenants are often also looking for a rental property that is a little bit unique, so having unusual features like being in an older building or having a feature wall can also increase appeal to younger tenants. For the Instagram generation, beautiful design is high on their lists of priorities, and modern apartments like those offered by RW Invest are perfect for these kinds of tenants.
Another way you can appeal to younger tenants is through securing a property in a prime city centre location. Many young people have been moving to the UK’s regional cities due to increased job opportunities and access to more culture and events. Many of them would far prefer to live right in the centre of the action, within walking distance of their workplace and favourite social spaces. City centre property is also a great investment which is sure to increase in value, proving an added benefit for property investors looking for younger tenants.