Rental Household Make Up In London
23rd July 2021 posted in Landlords Tenants
At Hunters Forest Hill, we know the London rental and property market are slightly different from the rest of the country. As a local agent, we speak with landlords and tenants all the time. We know what is happening in this part of London, and we know how to bring these parties together.
We also stay in touch with the latest studies, and this ensures we provide you with informed insight into what is happening in the housing market.
How are rental households comprised in London?
The highlights from the study, undertaken by Dataloft Rental Market Analytics, are as follows:
- Across the UK, families comprise a fifth (21%) of all privately renting homes with 39% occupied by single people and 40% by sharers or couples.
- Regional analysis highlights the larger concentrations of families in the private rented sector in the South East and East of England compared to London, Yorkshire and the Humber and the South West.
- Sharers and couples comprise over 40% of renting households in the South while singles are the dominant household type outside of London, the South East and East of the country.
It is easy to see why sharers or couples are the most dominant type of household when renting in London. While areas like Forest Hill are more appealing to families, the local rental market is still one that features many couples making their way into a relationship, and even people who hadn’t met before coming to enjoy life in the capital.
The nature of property prices in London means this will be the case, and it creates challenges and opportunities that aren’t available in the rental market elsewhere in the country.
It is fair to say London stands apart for many reasons when it comes to the rental and property market, and this is something people need to be aware of. If you are going to be active in the London rental market, you need to know it doesn’t operate in the same way that other markets do.
If you are a landlord in London, there is a strong chance that you will have separate tenants in your household. It might be that a group of friends come to you, looking to rent a property together, and this is acceptable to many landlords.
However, it might be you need to bring in and manage tenants who don’t know each other, and this is likely to pose fresh challenges. As a landlord, you want to collect rent from one person for the entire household, and this means someone in the rental property must take responsibility.
This can be painful to manage, and it is a strong factor in why so many landlords turn to property management service providers or agents to manage their rental property for them. If you go down this route, it is best to opt for an experienced local agent who knows the market well, and who understands what tenants are looking for.
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.