In partnership with Homelet, Hunters are bringing a series of articles that explores the demographic profiles of the tenants we move in, and help find their next move, throughout the year. We have access to some brilliant data including how far tenants travel, income, gender, number of bedrooms and property type, and much more and we’ll summarise and synthesise the headlines during 2021.
The first edition of this explores the income and job profile of our tenants as well as the property types that have been rented out so far this year.
Income and Job Profile
In Quarter 1 of this year so far, we’ve seen some really interesting data come through relating to income bands and employment type. Naturally during unprecedented times, we might have expected to see more unemployed people seeking rental properties but that hasn’t been echoed for us in the data.
Almost 75% of all tenants we have moved in so far in 2021 have been employed with a further 15% self-employed. We find great tenants for our landlords and whilst employment is important to prove regular income; 10% of those we’ve moved in this year have either been out of employment, living by independent means or retired.
Regarding income; again, quite varied across the board, with the majority of our tenants earning between below £29,999. Only 3.5% of all tenants earn over 75,000 but it does show that income isn’t necessary the key indicator in choosing whether to rent or buy as we have renters across all income brackets.
Across the residential sales market, the last 12 months has seen a significant shift in property types that have been bought, with detached properties becoming more desirable than flats. The lettings market has remained true to type though, with over a third of all properties let across our network being flats in Quarter 1.
Almost 50% of properties let, comprise Terraced and/or Semi-Detached properties, with some people opting for more space than usual due to the pandemic, or more garden space. Bungalows and detached properties only make up ~5% of all move-ins so it will be interesting to monitor any changes throughout the year.
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