Generation Rent and the Evolution of the Private Rented Sector
The evolution of the Private Rented Sector is upon us as buy to let renters of the last decade are starting families and the average UK first time buyer is now 37 years old (40 in London). There has been much talk of “Generation Rent” but how is the letting industry evolving and keeping pace with this rapid change in the demographic of renters and their requirements?
Could letting agents be missing 30% of the Market?
At the NALS conference yesterday two separate speakers suggested that a significant proportion of tenants have children. One cited research to suggest that tenants with children make up 30% of the market, another presented research showing that 1 million PRS homes are let to families with children.
It is logical to assume that these families will not want to move home too often and to many agents this could be in conflict with their business model which relies on tenant churn to earn fees. This begs the question, is that why most letting agents end up managing properties for accidental landlords who generally only have one property to let, possibly two or three?
Read the full story at Property 118
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