In partnership with Homelet, Hunters are bringing a series of articles that explore the demographic profiles of the tenants we move in, and help find their next move, throughout the year.
The second edition of this explores the distance our tenants travel between properties as well as which demographic cohort our tenants fit in to.
At Hunters, we find this data interesting – having access to the distance that our tenants travel from their previous property to their new one. In the sales market, it is suggested that over the period of someone’s moving lifetime, they end up on average, 7 miles from where they grew up, so seeing anomalies in the lettings marketing is fascinating.
In Quarter 1 most tenants moved within 5 miles of their previous property, with 55% of all our tenants doing so. This is expected, especially as most tenancies are 12 months in length and lifestyles do not change that much in that time. What is interesting, is the next highest band is the “Over 25 miles” category with 12.6% of all tenants moving this far from property to property. It will be a category to keep an eye on during 2021 but with more people changing lifestyle to, and more working from home, we have seen a similar story in the residential sales market also.
It is important when as a landlord that you choose an agent that has coverage outside of the geographic area of your property to attract potential tenants. With Hunters, you get access to 200 offices’ worth of tenants via our database we can attract to secure a fast let.
Demographic cohort is always a good piece of data to explore as it shows how many people of older generations are still renting, when compared to buying.
So far in 2021, we have seen most of our tenants fit in to the categories we’d expect, with almost 50% belonging to the Millennial category. Across the other categories though it’s fairly well balanced, with almost 20% being Generation Z and a further 15% Generation X. There was still some demand for rental properties from Baby Boomers interestingly (born between 1946 and 1964) with 5% of all applicants fitting in that category.
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