Here in the UK, there are a lot of single people looking to rent for the first time. They have probably either made that difficult decision to move out of their parent’s home to find their own way in life or have just spent 3 or 4 years at university and got their first job away from home.
Unfortunately, not many single people these days are able to afford a mortgage so this leaves them with no choice other than to rent a room in someone’s house or rent something like a one bedroomed apartment. Obviously, budget is an important factor in their decision making process but most people, it has to be said, would prefer to rent a flat.
The “singles” rental market is, potentially, a tremendous opportunity for the landlord to maximize and one that is most likely to continue to prove fruitful long into the future. So, if you are considering entering this property investment marketplace what sort of property should you be considering and what other factors do you need to take into account?
Well, you are probably going to want to purchase a fairly recently built one-bedroom apartment as a single person is more likely to favour renting that than an older property. An individual is going to prefer that it comes fully furnished so you will need to factor this into the cost. They are more likely to want to rent a property that is close to shops as well as being within walking distance of a good public transport network. They are probably going to prefer the property to be located fairly central in a town or city centre as they are no doubt going to want to enjoy the night life but get home without the expense of paying for a taxi.
The great thing from the landlord’s point of view is that, currently, there are quite a number of such properties available so you should not have too much of a problem in finding a suitable one. Obviously, the purchase price is almost certainly going to be lower than that of a 3 bedroom house so may be a good choice if this is your first venture into the investment property market. Do bear in mind that the maintenance on such a property is likely to be greater than if you had let to the likes of a professional couple as, generally speaking, some single people are not the tidiest of tenants.
Hopefully, the above has been of some assistance in your decision making process.