Who Is Your Ideal Tenant?
It is helpful for landlords to know who their ideal tenant is, or what sort of tenant is most likely to rent from them.
Of course, it is helpful to not have preconceived ideas as to who is your ideal tenant, because you might be surprised at who is best for your rental accommodation.
At The Letting Line, we are pleased to say we have helped many local landlrods reach the right tenant. With a suitable tenant in place, you can feel confident about the letting process.
It is fair to say rental demand has shifted in recent times, and you need to stay in touch with the market.
We know the local market, and we stay in touch with the latest research on tenants.
Letting to older tenants is right for many landlords
Paragon Bank states that in the past decade, the number of English households in the 55- to 64-year-old category who are in the private rental sector with an Assured Tenancy has risen by 118%.
Some of the reasons cited by the respondents include:
68% of people aged 55 or over said renting suited their needs or that they enjoyed renting
63% of respondents said they were happy to not have to worry about repairs around their home
There are benefits in letting to older tenants
Jamie Turnbull is the Business Director of Girlings, and he has spoken about some of the benefits that older tenants receive from renting. Some of these benefits include:
No longer having to worry about property maintenance
Having a secure and safe living environment
If the tenant(s) has downsized by selling a property, they have money to use as they see fit
Renting allows many retirement aged tenants to live in the heart of their town and centre, being closer to facilities and transport option
Smaller properties should be easier to clean
Jamie Turnbull said; “As people age their housing needs change. Many want to live independently but also be part of a community of people so they have likeminded people to socialise with. They also want to feel safe and secure with people around them should they ever need help.”
Jamie Turnbull continued by saying; “Renting in a retirement development can offer all these benefits. It also enables people to downsize from a larger home to somewhere smaller and more manageable, releasing capital in a home if they own it. Most of our properties come with assured tenancies too so people have the same security of tenure as home ownership.”
Jamie Turnbull concluded by saying; “Renting can also be an easier way to move to somewhere new without the commitment involved with buying a home. Many people want to retire to popular retirement hotpots such as by the sea or close to lots of amenities.”
If you are looking for guidance or assistance in the Enfield rental market, we can help. At The Letting Line, we are a specialist letting and property management agent serving Enfield, Barnet, Potters Bar, Brookmans Park and surrounding areas.
We can arrange a free valuation for you, and if you are looking to contact us, please call us on 020 8342 1234.