The rental sector is changing so rapidly that it’s hard to keep pace, and still harder to predict upcoming trends with any degree of certainty. But here are some key changes we think are going to have the biggest impact over the coming decade.
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Renters will move away from London
A recent report in the Independent highlighted the fact that under-35s tend to stay within their own small town areas, rather than seek better-paying jobs, along with higher rental prices, in the cities.
And London will bear the brunt of the changing face of the rental market. With current rents running at around 50% of income, London’s private landlords are selling up and moving on, helping to drive house prices even higher.
Constantly changing legislation
New rules and regulations are constantly being applied to rented properties, and keeping up to speed with them can seem like a full-time occupation. So we anticipate a steady increase in the use of software to streamline tasks and check legislative requirements. In addition to current property inspection software features, programs such as https://inventorybase.co.uk/ will enable landlords and agents to keep all relevant documentation in one place, saving time and money for everyone concerned.
Offering properties with improved green credentials
As climate change and working towards a cleaner environment continues to be headline news, landlords are going to need to up their game to attract millennials. Energy-saving features should help to keep the running costs of homes much lower too, so it’s a win-win situation for landlords, renters and the planet too.
An older renting demographic
Whereas older people used to sit tight in their family homes, nowadays there’s a steady increase in the number of over-50s who are renting. And with conservative estimates suggesting that up to 30% of the over-60s sector could be renting within the next twenty years, this is bound to have an effect on the types of properties being made available for the rental market.
More people renting
With house prices continually climbing, and a massive shortfall in available housing stock, the number of people opting to rent, rather than buy, is increasing steadily. This situation seems highly unlikely to change any time soon, with an expectation that increasing numbers of people will become lifelong renters, rather than homeowners.