Home alone more single renters

With more and more of us choosing to live alone and industry experts predicting a continued rise in single occupancy households (to saturate more than 40% of the overall housing market by 2026), now’s the time for landlords to cash in on the rising demand…

“There are many reasons that there’s been a rise in single occupancy living,” says Carl Belle, proprietor of Belvoir Ilford. “Young people leave home earlier, commit to marriage and families later and need somewhere to live in between – they are also more transient, moving from city to city for short periods of time. Rising house prices and the recent credit crunch mean many simply can’t afford to buy their own houses so they turn to the rental market instead.

“At Belvoir Ilford we’ve seen a steady increase in tenants looking for single occupancy accommodation and we encourage landlords to cater for this demand.”

Smaller properties are quick to be snapped up. “One and two-bedroomed houses and flats have a fast turnover and are seldom left empty for long,” says Carl.

But where should landlords invest? The bars and entertainment of city life attracts many singles so it’s often better to buy there rather than in remote rural areas. Of course, many singles work in cities too, so want accommodation with only a quick commute to the office. If you can’t afford to buy in a city location, look for areas near major road networks and with good transport links.

And, of course, for those singles who can’t afford to live alone, well maintained and well managed multiple occupancy properties are also popular.

“I haven’t had much demand for multi-occupancy conversions in Ilford but I know that they are becoming more popular and Belvoir can advise landlords on how to convert houses into multiple occupancy properties if necessary,” says Carl. “As well as giving information about licences and statuary legislation, Belvoir can also help find multiple tenants and advise landlords on the best properties to buy for conversion.”

Although single tenants want affordable accommodation, they certainly don’t want to compromise on comfort – a high standard of living is still expected and landlords should ensure their properties live up to this demand to minimise ‘void’ periods.

“Fresh and clean is the key for all rental properties,” says Carl. “And accommodation for singles is no exception. Most are young professionals who want to live in luxury and comfort within a modern environment, which needs little maintenance.

“New builds are ideal as they already feature many modern appliances, such as microwaves and dishwashers etc. But, if you’re looking to invest in an older property make sure you update the kitchen and bathroom and keep the interior décor as neutral as possible.

“Landlords need to present a property in a way they’d like it if they were the tenant. They need to consider if they’d be happy to live there themselves,” Carl concludes. “If the answer’s yes, then they’re probably on to a good investment.”

To find your nearest Belvoir office, visit their website at http://www.belvoirlettings.com

[BOX OUT]
In demand
Why more and more singletons are looking for individual blocks of rental accommodation…

• Independent young professionals want to live alone while they concentrate on climbing the career ladder.
• Young people are leaving home earlier.
• Many young singles are delaying marriage or co-habitation until later life.
• Rising house prices and fluctuating interest rates force singletons to consider the rental market.
• With the rise in divorce rates, more older people are living alone too.
• There’s also been a steady increase in Monday to Friday renters who want a base close to the office during the week before returning to the family home at weekends.

Name*:
E-mail*:
Captcha*:
Text*: