For many landlords, the prospect of letting to a group of sharers can be daunting. Perhaps you’ve had a bad experience in the past, or you simply prefer the stability of a family. Of course, it’s up to you to decide what’s best for your property, but if you’d like to know more about letting to groups of young professionals, here are 5 reasons why it could be the right choice for you.
1. Your property will be in demand
The UK’s rental market is booming. According to a report by estate agency Knight Frank, nearly a quarter of the UK’s households will be privately rented within the next 5 years, meaning there will continue to be a significant demand for rental properties for sharers. With more and more young professionals deciding to rent for longer, it makes sense to open up your property to this potentially huge market.
2. Your property could be suited to sharers
Some properties are simply better suited to sharers than families. For example, flats tend to be popular among young professionals, and you might find it easier to rent a larger property (e.g. three or four bedrooms) to a group than to a family. Location can make a difference too: if your property is very central or not located close to schools and parks, you might find it’s more likely to get snapped by sharers.
3. You could earn more
In general, every person in a group of sharers will be earning, compared to only one or two earners in a family, and thus you can charge more to let out your property. By setting your rent per bedroom rather than for the whole property, you could earn more for your rental and still provide a good deal to tenants who can’t afford to let out an entire flat by themselves. In addition, you can charge a higher premium for a short-term let (e.g. three or six months) to make up for the extra work involved.
4. Your property will be looked after
A common belief among landlords is that a family will take better care of a rental property than a group of sharers, but this is by no means guaranteed. In general, wear and tear increases the more people there are in a house, regardless of whether they are children or adults. It’s also important to remember that young professionals could be renting for a long time, so it’s in their interest to maintain a good relationship with you, the landlord, in order to get positive references and to recoup their security deposit. If you’re still unsure, a good way to protect yourself is to get references for all prospective tenants and make regular inspections of the property.
5. Your property could be occupied for longer
Many landlords prefer to let their properties bedroom by bedroom, as this means the house will rarely be completely empty: even if one tenant leaves, the others will still be there, paying rent, until someone new arrives. Alternatively, if you prefer the security of letting out your property as a whole, you can find a group of sharers who are happy to be joint and severally liable, meaning they will all be responsible for paying the rent, even if one of them is unable to. This could help you to find a close, reliable group of sharers.
Are you interested in letting out a property to sharers in Bristol? Gough Quarters can help with checking references and collecting deposits, so contact us today to find out more.
All images courtesy of Pixabay