According to the HomeLet Rental Index there has been a significant reduction in the number of single people renting properties. If you are a landlord, this may or may not come as a surprise to you based upon your experience of renting out a property.
The research has shown that in 2015, 33% of new tenancies were taken up by single tenants. Back in 2008 this figure was 67% meaning that there has been a huge drop.
So, how does this compare with two people taking on the tenancy of a property in which to live in? Well, the index reveals that, back in 2008, 28% of tenancies involved 2 tenants occupying a property. Last year that figure had risen significantly to 52%.
It would appear that there has been a shift towards an increasing number of couples deciding to rent jointly. That could be married couples or partners either with or without families but also two single people deciding to rent a property together.
On the subject of rental income, the index shows that in 10 out of the 12 regions in the UK rents have gone up when comparing the 3 months to February 2015 with the 3 months to February 2016. When you exclude Greater London, monthly rents have risen by an average of 4.8% from £710 in the 3 months to February 2015 to £744 in the 3 months to February 2016.
It will not come as a surprise to read that the amount charged by landlords in rent is greatest in Greater London with the average rent in the 3 months to February 2016 being £1,521 pm. The South East is in second place with £938 pm. In third spot is the South West with £865 pm. The cheapest region to rent a property in is in the North East at £519 pm. As a landlord we trust that you have found the above information to be of benefit in running your business.