Research shows that more and more young people are renting for longer rather than buying their first home. Recent data from the Office of National Statistics shows that the percentage of 24 to 29 year olds in a position to purchase their own property has fallen from 55% in 1996 to 30% in 2015. The percentage of 30 to 34 year olds that own their own place has decreased from 68% to 46%.
If you are a landlord in London you will be more than aware of the demand for safe and affordable accommodation from the younger generation of renters. The flat sharing website Weroom recently stated that disputes over damage and deposits are becoming a typical part of the rental experience for many young tenants and landlords. Surveys have revealed that a large proportion of younger renters are unaware of their rights and therefore unable to protect themselves when issues arise.
If your accommodation houses young renters, it is essential that they are informed of their rights and obligations from the beginning. Student housing has the potential to be an extremely lucrative market and as a landlord it makes sense to keep your tenants happy to ensure they look after your property and stay with you as long as possible.
As a landlord you have a duty of care to maintain the property and ensure your tenants are free from any danger. Be sure to encourage your tenants to report any problems or faults immediately so that you can make sure they are quickly resolved. Remember that your tenants are entitled to 24 hours notice before you enter the property unless it is a genuine emergency and the property or tenants are at risk.
Your property must be fitted with fully functioning smoke and carbon monoxide alarms. The deposits you receive must be placed in an official protection scheme and your tenants must be issued with a copy of the tenancy agreement. Finally, your tenants need to be provided with a valid Energy Performance Certificate and an Annual Gas Safety certificate.
The number of young adults that are able to buy homes may fall dramatically by 2020 with less than 20% of 20 to 24 year olds making it onto the ladder compared with almost 60% ten years ago. Landlords can enjoy successful tenancies and uninterrupted incomes by providing suitable accommodation and making sure their tenants are fully protected. As experienced specialists providing property and estate management in Islington and throughout the rest of London, we can offer you a comprehensive property management service that covers every aspect of tenancies including inspections, maintenance and rent collection.