We always keep up to date with changes in the private rental sector across the UK. Recent statistics collected by Dataloft show that there are changes to the number of homes categorised as ‘suburban’ homes.
So, what does this mean for you as a landlord or property investor? Firstly, it is worth defining the type of tenant that chooses to live in suburban properties. Homes located on the outskirts of city centres are attractive to couples with children. They expect to have connections to local schools, good transport infrastructure and key amenities.
Government reports state that this segment of the rental market is growing faster than other areas. Data collected from the English Housing Survey 2018 to 2019 shows that more households aged 35-44 years old as living within the Private Rental Sector. The growth below illustrates the level of growth in this age range.
If you are a landlord or property investor renting to this segment of the population is beneficial because they often rent properties for more extended periods. They are more reliable and want to create a 'home' rather than just live in a property for a short period before moving on.
The Coronavirus pandemic has also caused a shift in people's priorities, and as more people are now working from home, they are looking for larger properties in more suburban areas. This has increased sales of these properties, and the trend is the same for the Private Rental Sector.
The good news for landlords and property investors looking for properties in East Midlands is that we have had the highest increase in properties being rented in suburban areas. The stats show that 37% of the private rental sector in the East Midlands is suburban houses.
We are specialists in the letting, management and investment of residential properties in Nottinghamshire, so if you are a landlord or property investor contact us by calling 0115 704 3163 (Nottingham) or 01623 277115 (Mansfield). Alternatively, you can email us via our contact us page – click here.