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Renting for Millennials and Students
Despite the shutdown of the property market earlier this year, the private rental market is still alive and kicking. And, according to property analysts it looks like it’s going to continue to thrive in the near future.
The reason for this is that a huge proportion of private renters are students and millennials. Both these groups are young and haven’t had years to save up cash for a hefty deposit (which is exactly what mortgage lenders are asking for these days). It means landlords can rest-assured that their property should be in demand over the coming years. Here is what else, if you’re a landlord, you can expect:
More Online Letting Agents
More tenants will go online to rent. Lockdown taught us how easy it was to manage many aspects of our life online – including renting and viewing property.
Virtual viewings became the only way we had to see property during the Pandemic. And many would-be tenants are still happy to go down this route – despite the fact physical viewings are now possible.
In fact, students and millennials are the most tech-savvy generation out there – and they expect to be able to find, view and then offer on rental property while staying at home. It’s certainly much better for overseas students and professionals who haven’t yet set foot in the UK. Video viewing certainly makes the whole process of renting far quicker overall.
And talking about students – yes, many are learning online these days but the demand for rental property and to leave their parental home is still there. And, by next spring it’s hoped coronavirus will be less of an issue.
Rental Demand Has Changed
We all saw it amongst property buyers, that desire to leave the city and move to greener pastures. And with renters too there has been a similar shift.
Understandably, the fear of future pandemics has led many young families and couples to seek homes with gardens and a spare room which can work as an office. The only way they can afford that is to move further out of cities.
It means properties next to train stations for commuting aren’t as popular as they once were. Having said that, city centres offer excitement and a huge host of amenities so will always attract renters. And ‘greener’ locations will only really work if broadband speeds are up to scratch.
And, as for the future…
So, what does the above all mean? Well, here at Property Loop we are convinced that online letting agents will prosper even more than to date. That’s because the younger generation of renters are used to acquiring services and goods online. They don’t fear technology and in fact, welcome it because it allows them to do things like find a place to rent far quicker.
And if high street letting agents aren’t convinced well, look what has happened to your local high street bank. Chances are, it’s no longer there and you’ve already been banking online for some time now.
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