High Percentage Of Part Time Landlords
If you are a landlord you may be interested in reading about some of the things contained in a landlord survey carried out by the Council of Mortgage Lenders, the London School of Economics and BDRC. The results were compared with the Department for Communities and Local Government’s private landlord survey carried out in 2010.
Apparently, there is a large percentage of landlords that look after their investment properties that they rent out as if they were a private individual or as a couple and view renting out property as a part time occupation. In the survey carried out in June 2016, 87% of those landlords agreeing to take part in the survey ran their letting property business as either a couple or as a single person. Back in 2010, that percentage was 89% so there has not been much of a change. In 2016, 95% of landlords taking part in the survey viewed their letting property business as a part time operation with this figure being slightly higher than the 92% that felt the same way back in 2010.
The survey also looked at the percentage of landlords that owned one property in comparison to those that owned between two to four properties. Interestingly, back in 2010, 78% of landlords ran one property yet by 2016 this figure had fell by quite a percentage to 63%. Perhaps not surprisingly, the percentage of landlords that ran two to four properties increased to 30% in 2016 in comparison to back in 2010 when only 17% did so.
Although there are a lot of landlords that currently view their property letting business as a part time occupation it is interesting that there has been an increase in those that let out more than one investment property to tenants between 2010 and 2016. If this pattern continues, is it likely that an increasing number of landlords will find themselves having to commit more time to their investment property portfolio to a point where it is no longer possible to manage it on a part time basis?