2 bedroom apartment to rent, Wallingford
The percentage of UK residents that rent property either privately from a landlord or letting agent almost doubled between 2001 and 2011 as stated by the 2011 Census. Of those who rent property privately or through estate agents, the largest group of 33% are aged between 25 and 34, while the second biggest group of 24% are aged between 35 and 44.

The reason for the increasing numbers of those renting is the large deposits that are now required to buy a home, as well as restrictions to lending criteria and the removal of the stigma of renting, meaning that many people find renting a better option and a lifestyle choice. So instead of saving every penny to put towards a deposit, people would rather save for holidays, the latest gadget or eating out. The number of people who rent a property is high and it is forecasted that rented households in England and Wales are going to continue to rise over the next five years by 1.2 million. Thus, we need to ensure that a sufficient number of quality rental properties are secured to meet the future demands.

The expectations on finish and specification, alongside a demand for value for money are becoming more important and renters are being pickier when choosing a new property to move into. The long term tenancies are becoming a more common choice. Tenants are less likely to accept lower standards, whereas in the past, demands for a rental property were fairly simple because renting a property was only a temporary choice to fill the gap before ‘getting on the housing ladder’. Thus, landlords will need to be more aware of this and consider their budget for property improvements every few years.

People who are considering renting a property are also becoming more knowledgeable about the rental market and understand that it is important to consider costs involved in securing a property – many are asking questions about the fees and the energy efficiency rating before arranging to view a property.

The current position of the private rental sector is significant, and at Chancellors we are working regularly with investors looking to extend their portfolios further and provide good quality rental properties in order to meet the demands from tenants. We are also working and advising first-time landlords how they can generate more income from their property and make sure the property attracts the best possible tenants.

If you want to find out how Chancellors can help you to maximise your property investment, contact your local branch. You can book a free market appraisal for either letting or selling your property here.

Source: ONS Key Statistics for Local Authorities in the UK – Released Oct 2013.

Correct at time of publication. The views and opinions expressed herein are those of the individual contributor and do not necessarily reflect those of the Chancellors Group of Estate Agents Ltd or its subsidiaries. References to legislation, best practice and other matters with legal implications such as fees, rules and processes are included for information and editorial purposes only and are not authoritative, nor should they be interpreted as advice. When in doubt you should only take advice from an industry professional or solicitor where appropriate. E&OE.